JPEL extends credit facility with Lloyds TSB

The new credit facility replaces a similar $150m arrangement, due to expire in May 2013. It extends maturity until January 2017, without any significant changes to covenants. It will be used for on-going investment commitments.

Credit will be provided at London inter-bank offered rate (LIBOR) +280bps for leverage ratios below 10%, and LIBOR +330bps for higher leverage ratios. No LIBOR floor is included in the arrangement.

Trevor Ash, chairman of JPEL, commented that the extended credit facility is intended to create shareholder value, while clarifying the firm's long-term capital structure.

JPEL expects the final terms of the arrangement to be completed in May.

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• Topics
• UK / Ireland
• Financing
• JP Morgan
• Lloyds
• Refinancing