23rd Sep 2014 09:21
LONDON (Alliance News) - Renewable infrastructure fund Greencoat UK Wind PLC Tuesday said it is planning to raise up to GBP100 million in fresh equity to refinance its existing bank facility, which has been drawn down by the company in order to fund its recent acquisitions.
Under the proposed capital raising, Greencoat will issue 93.5 million shares at 107 pence per share, with a fundraising target of GBP100 million. The issue price is at a discount to its closing price of 109.5 pence on Monday.
Shares in the company were down 1.3% to 108.033 pence on Tuesday.
Greencoat said the net proceeds from the fundraising will be used to prepay its existing bank facility and for general corporate purposes, it said.
"This capital raise will pay down the acquisition facility allowing the company to take advantage of these further value-accretive growth opportunities," said Greencoat Chairman Tim Ingram.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Greencoat UK Wind