Jersey Electricity PLC Statement re financing arrangements (5874I)
June 02 2014 - 5:51AM
UK Regulatory
TIDMJEL
RNS Number : 5874I
Jersey Electricity PLC
02 June 2014
JERSEY ELECTRICITY PLC
2 June, 2014
Refinancing of debt
The Company announces that longer-term financing arrangements
have been put in place to replace the existing 2 year revolving
credit facility which was initiated to cover the expected costs
associated with a further subsea cable between Jersey and France
(along with associated land cabling works and equipment
installation) during the period up to commissioning. Normandie 3
will be the third interconnector to be installed between Jersey and
mainland France and will become the second in active service,
alongside Normandie 2. It is a shared GBP70m investment between
Jersey Electricity plc and Guernsey Electricity Limited as part of
our long-standing partnership, the Channel Islands Electricity Grid
(CIEG).
Jersey Electricity has obtained 20 and 25 year financing via a
private placement with Pricoa Capital Group (an affiliate of
Prudential Financial, Inc.) supplemented with a 5 year revolving
credit facility from The Royal Bank of Scotland International
Limited.
Enquiries:
Martin Magee
Finance Director
Jersey Electricity plc
PO Box 45, The Powerhouse
Queens Road, St Helier
Jersey JE4 8NY
Tel: +44 1534 505201
email: mmagee@jec.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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