Renewable infrastructure fund Greencoat UK Wind has announced gross issue proceeds of £147m after an oversubscribed capital raise.
The firm, which invests in operating UK wind farms announced the second issue of its share issuance programme on 25 October. Today, it said the issue had resulted in 133,636,364 new ordinary shares, at an issue price of 110 pence per share, increasing total ordinary shares to 736,700,850.
Commenting on the announcement, Tim Ingram, the company’s chairman, said: “We are delighted to announce a heavily oversubscribed capital raise, highlighting the strong support of both existing and new shareholders. The proceeds will be used to pay down the company’s short term acquisition facility in full, enabling Greencoat UK Wind to pursue a pipeline of attractive investment opportunities. The Company’s long term borrowings will remain in place.”
Following the receipt of Net Issue Proceeds and subsequent full repayment of borrowings under its revolving facility agreement, the company will have outstanding borrowings of £100m under its long term facility agreement, equivalent to around 11% of Gross Asset Value.
Application will be made for the 133,636,364 new ordinary shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities with effect from 8am on 22 November 2016.
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