The Board of Impax Environmental Markets plc announced the successful issue of ?60 million privately placed notes, providing the Company with an element of long-term structural debt as part of its investment strategy. The Company has agreed to issue the Notes to funds managed by Pricoa Private Capital (part of PGIM, Inc) in three tranches as follows: ?20 million maturing on 1 September 2030 with a floating coupon of Euribor + 1.35%; ?30 million maturing on 1 September 2033 with a fixed coupon of 4.48%; and ?10 million maturing on 1 September 2035 with a fixed coupon of 4.63%. The funding date is expected to be 1 September 2023, subject to customary closing conditions, with interest payable semi-annually.

The Notes will be unsecured upon issuance and will provide a combination of fixed and floating rate, long-dated Euro-denominated financing at pricing that the Company considers attractive in the current market conditions and should enhance long-term investment performance. The proceeds of the Notes will be used to repay drawn debt of $32.2 million and £25 million provided by The Bank of Nova Scotia, London Branch which matures on 6 September 2023. The introduction of the Notes falls within the parameters of the Company's existing investment policy, and shareholder approval will therefore not be required for their issue.