21st Jul 2014 10:55
LONDON (Alliance News) - GCP Infrastructure Investments Ltd Monday said it completed its subscription for loan notes with a term of around 15 years and an aggregate value of GBP12.2 million and yield of 9.5% per year.
The loan notes will be issued by GCP Biomass 3 Ltd, a single-purpose company, with the proceeds used to make a senior loan secured against cash flows arising from two operational gas-to-grid anaerobic digestion schemes in England, GCP Infrastructure said.
Payments of both the principal and interest in relation to the notes are expected to be serviced by GCP Biomass 3 from income from the UK government's Renewable Heat Incentive Scheme and the sale of gas.
GCP Infrastructure funded its acquisition of the notes from available cash resources. Following this investment, GCP said that 44% of the C share capital it raised in March will have been invested. GCP is advised by Gravis Capital Partners LLP.
Shares in GCP were trading up 0.2% at 113.41 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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