Greencoat pockets GBP 83m in equity offering

Dec 13, 2013 - Renewable energy fund Greencoat UK Wind Plc (LON:UKW) said today it had raised GBP 83 million (USD 135m/EUR 98m) gross from its recent equity placement, aimed at refinancing debt.

The company explained that the net proceeds would help it pay down a credit facility that was used to finance recent acquisitions. After the move it will have some GBP 50 million outstanding.

As part of the equity sale, launched in November, Greencoat sold 81 million ordinary shares at a price of GBP 1.025 apiece, thus boosting its total issued ordinary share capital to 341.2 million. Its shareholders were able to subscribe for new stock on the basis of one new for every two shares held as of November 14.

Greencoat UK’s current portfolio includes 184 MW of on- and offshore wind farm capacity. It raised GBP 260 million in its initial public offering (IPO) in London in March.

(GBP 1.0 = USD 1.628/EUR 1.186)

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