September 12 (Renewables Now) - John Laing Environmental Assets Group Ltd (LON:JLEN) aims to raise GBP 50 million (USD 65m/EUR 56.1m) by issuing new shares to be able to fund investment opportunities.
The London-listed environmental infrastructure fund today launched a placing, offer for subscription and intermediaries offer as part of its issuance programme for up to 200 million shares.
JLEN said that its revolving credit facility has been substantially drawn down after recent acquisitions in the anaerobic digestion (AD) sector. The issue will allow it to pay down its revolving credit facility and gain flexibility to take advantage of new opportunities. The company said it is exploring an attractive pipeline of deals in the environmental infrastructure sector, including more AD investments, waste-to-energy assets and biomass plants.
The shares will be issued at GBP 1.02, which is a premium of 2.4% to the net asset value as at June 30 and a discount of 5.3% to the closing share price on September 11. The placing is expected to close on October 18, while the offer for subscription and the intermediaries offer on October 17.
(GBP 1 = USD 1.301/EUR 1.123)