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TRIG pockets GBP 120m to repay debt, fund new acquisitions

Author: Images Money. License: Creative Commons, Attribution 2.0 Generic.

May 22 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG) has raised GBP 120 million (USD 146.5m/EUR 134m) gross from its recent placement of new ordinary stock, the investment company said on Thursday.

The non-pre-emptive tap issue was met with strong support, according to the UK-based firm’s bourse filing. As part of the transaction, TRIG offered 100 million new ordinary shares at a price of GBP 1.2 (USD 1.47/EUR 1.34) apiece. The issue price represents a 5.8% discount to the mid-market closing price of the company’s shares on May 18.

TRIG, which is advised by InfraRed Capital Partners and RES, will use the raised funds to repay outstanding amounts under its revolving acquisition facility, which is expected to be fully repaid with surplus cash of around GBP 70 million by September. Some of the proceeds will go to finance new acquisitions and support TRIG’s plan to spend around GBP 35 million on construction projects during the rest of 2020 and 2021.

The newly issued stock will be admitted for trading on the London stock exchange, with dealings anticipated to begin on May 26.

Investec Bank plc and Liberum Capital Ltd acted as joint book-runners of the offering. 

(GBP 1.0 = USD 1.221/EUR 1.117)

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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.

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