Refinancing and Extension of Debt Facilities

Jersey Electricity PLC

07 September 2026

 

Jersey Electricity Plc
(the "Company")

07 September 2026

LEI: 213800JPIP5BZKFOHK40

Refinancing and Extension of Debt Facilities

Jersey Electricity is pleased to announce the successful completion of a significant enhancement to its long-term financing arrangements through:

•     A new £100 million sustainability-linked revolving credit facility ("RCF"), with an additional uncommitted accordion option of up to £50 million; and

•     The amendment of its existing US Private Placement ("USPP") Notes, alongside the establishment of a new $150 million uncommitted Shelf Facility.

The Board considers these facilities to represent a significant financing milestone, providing long-term funding flexibility and diversified sources of capital to support the delivery of the largest investment programme in the Company's history. The previously announced £180 million five-year capital investment programme is intended to further  modernise Jersey's electricity network, increase network capacity, strengthen long-term energy resilience and support the Island's transition towards increased electrification and net zero.

Key terms of the new Revolving Credit Facility

This facility has been provided by a syndicate of commercial banks consisting of Lloyds, NatWest and HSBC, and comprises:

·      An unsecured, committed £100 million revolving credit facility with a margin of 0.85% above SONIA;

·      An initial maturity of five years and two 1-year extension options; and

·      An uncommitted accordion option of up to £50 million, providing additional capacity and flexibility as the Company progresses its growth and investment plans.

The facility incorporates sustainability-linked performance incentives provided by the Company's ESG partners Lloyds and NatWest, based on performance targets aligned with the Company's strategic objective of providing safe, reliable, affordable and sustainable energy. These targets are linked to key environmental and safety performance indicators which may result in favourable margin adjustments on the total facility, when performance targets are achieved.

Key terms of the US Private Placement facility

The Company's existing £30m of USPP Notes, secured in 2014 with PGIM Inc., have been amended and supplemented by a new $150m uncommitted Shelf Facility with:

·      An availability period of 5-years and a maximum average life and final maturity of up to 30 years on Shelf Notes drawn; and

·      Notes may be issued in either USD or GBP.

Capital investment programme

The facilities are intended principally to support the Company's five-year capital investment programme, which:

1.   Invests significantly in our core transmission and distribution network and strengthens JE's position in renewable energy

2.   Implements new approaches to accelerate the decarbonisation of homes and businesses - most notably in electric heating, cooling and transportation

3.   Facilitates greater energy independence and at the same time protects against exposure to future volatility in energy markets

The Company expects to utilise the facilities progressively in line with project delivery milestones and capital expenditure requirements. Further updates on the investment programme and associated financing activity will be provided in due course.

Chris Ambler                                                                                    

Chief Executive

Enquiries:

Non Owen, Company Secretary

[e-mail]

Tel: [phone]

 

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