February 11 (Renewables Now) - John Laing Environmental Assets Group Ltd (LON:JLEN) on Tuesday launched a share issue in a bid to raise capital to pay off debt.
The company is placing up to 49.7 million new ordinary shares, equal to about 10% of its issued share capital, at a price to be determined after the completion of the book building process, which is expected to take place on February 26.
Winterflood Securities Limited is acting as book builder in the placement.
JLEN said that GBP 69.8 million (USD 90.1m/EUR 82.5m) are currently drawn under its revolving credit facility and it has another EUR 25 million in outstanding commitments, with proceeds from the placement to be used for repayment of these amounts.
The company seeks to finance its pipeline of near-term projects in the bioenergy and flexible generation sectors. This follows the most recent acquisition in the anaerobic digestion, food waste, hydroelectric and battery storage sectors.
(GBP 1.0 = USD 1.290/EUR 1.183)
(EUR 1.0 = USD 1.091)