Nov 15, 2013 - Renewable energy fund Greencoat UK Wind Plc (LON:UKW) said today it planned to raise up to GBP 135 million (USD 217m/EUR 161m) as part of an equity placement that would help it refinance its debt.
The company has drawn down GBP 130 million of a credit facility to support recent acquisitions and cover general corporate needs, it noted.
Greencoat UK intends to issue up to 131.7 million ordinary shares priced at GBP 0.1025 apiece. The offering price is below the GBP-0.104 closing price of the company’s stock on November 14, it noted. Existing shareholders will also be able to subscribe for new stock on the basis of one new for every two shares held as of November 14. They can also buy more under an excess application facility.
The share sale is pending shareholder approval, expected to be granted next month. RBC Europe Ltd will serve as joint global coordinator of the deal.
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.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.