24th Oct 2013 13:18
LONDON (Alliance News) - Good Energy Group PLC Thursday said it has closed its corporate bond issuance early after receiving applications in excess of the maximum permissible subscription.
The AIM-quoted renewable electricity supplier said it reached the GBP15 million maximum amount three weeks ahead of its November 13 close date.
On October 15, the company said the corporate bond issue reached its initial target of GBP5 million, and so increased the offering to a maximum of GBP15 million.
Good Energy said previously that the bond would offer investors a coupon of 7.35% per year to be paid half yearly.
The company said that cash raised by the bonds would be invested in increasing the company's own solar and wind generating capacity as it targets developing 110 megawatts of its own renewable energy by 2016.
Good energy shares were up 5.6% to 197 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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