16th Oct 2018 12:45
LONDON (Alliance News) - NextEnergy Solar Fund Ltd on Tuesday said it has entered a conditional subscription agreement worth GBP100.0 million in order to refinance its debt.
AIP Solco, a subsidiary of investment vehicle AIP Infrastructure LP, will pay GBP100.0 million for 100.0 million non-voting preference shares in the solar power investor. These shares grant a preferred right to dividends at a rate of 4.75%, and to capital in the event of liquidation.
NextEnergy will have the right to redeem these preference shares from April 2030.
As of April 2036, any unredeemed preference shares may be converted to either ordinary shares or to a new unlisted B class of shares. These B shares will have identical rights to ordinary shares.
At present, NextEnergy's total outstanding debt stands at GBP365 million or 38% of its gross asset value. Proceeds from the share subscription will be used to repay existing debt facilities.
Shares in NextEnergy were down 0.6% at 109.87 pence on Tuesday.
Related Shares:
NextEnergy Solar