16th Apr 2015 11:19
LONDON (Alliance News) - Renewable energy-focused power producer Mytrah Energy Ltd said Thursday it has raised USD60 million through a USD56 million extension to a non-convertible debenture and a USD4 million loan with Merrill Lynch International and Aion Direct Singapore Pte Ltd.
The new funding represents the exercise of the USD28 million "greenshoe" option that was included with the India-listed non-convertible debenture issued last November, plus a USD32 million extension.
As part of the USD32 million extension, Mytrah has issued additional warrants to investors with the option to purchase a total of 2.83 million shares in the company at a strike price of 77.29 pence per share, or a 1.5% share in the company.
Shares in Mytrah are trading down 2.1% at 69.00 pence Thursday midday.
The company said the new financing, along with the cash flow from its existing operating portfolio and the USD70 million financing it secured last November with Merrill Lynch and Apollo Global Management LLC, will provide it with all the funding it needs to take its generating capacity beyond 1,000 megawatts.
It said it will use the proceeds to refinance part of its existing facilities and to develop new wind power projects from its pipeline.
"I am delighted to extend a warm welcome to Aion, which joins Bank of America Merrill Lynch and Apollo funds in this total USD130 million capital raise," said Chairman Ravi Kailas in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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