Greencoat UK Wind has announced the results of the first tranche of its share issuance programme that was announced on 14 April 2016. The fundraising will see 95,238,101 new ordinary shares issued, at a price of 105p per share, raising gross proceeds of £100m. The company says that the proceeds will be put to work straight away by paying down its acquisition facility and, in turn, enabling it to take advantage of a pipeline of, “value-accretive growth opportunities”. It also says that, following receipt of the net issue proceeds and the subsequent repayment of borrowings under its revolving facility agreement, it will have outstanding borrowings of £125m under that agreement and £100m under its long term facility agreement. They say that this is equivalent to c. 26% of gross asset value. Following the placing, the number of ordinary shares in issue will increase to 602,526,968. The company says that the new shares are expected to be admitted to trading on 17 May 2016.
Chocks away – Greencoat UK Wind’s first tranche raises £100m : UKW