15th Nov 2013 09:58
LONDON (Alliance News) - Greencoat UK Wind PLC Friday said it plans to raise equity capital of GBP135 million to refinance the wind-farm investment fund's existing bank facility, which has been drawn down to fund recent acquisitions.
The company will raise the funds through a placing of 131.7 million ordinary shares at an issue price of 102.5 pence per share.
The issue is not underwritten, and is conditional on, amongst other things, shareholder approval at a general meeting next month.
"The company aims to provide investors with long-term, predictable returns and enables wind farm owners to reinvest the capital into their development programmes," Chairman Tim Ingram said in a statement.
"The capital raise will pay down the acquisition facility allowing the company to take advantage of these further value-accretive growth opportunities," he added.
The stock was trading at 103.19 pence Friday morning, down 0.81 pence or 0.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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