TRIG to repay debt, back new buys with tap issue of ordinary stock
Wind farm in UK. Author: Stephen Jones. License: Creative Commons. Attribution 2.0 Generic
The Renewables Infrastructure Group Ltd (LON:TRIG) today unveiled plans for a sale of new ordinary shares, seeking to repay outstanding debt and back future acquisitions.
The UK-based investment company, advised by InfraRed Capital Partners and RES, will conduct the placing by way of non-pre-emptive tap issue, it said in a bourse filing. The newly-issued stock will be offered at a price of GBP 1.2 (USD 1.47/EUR 1.34) apiece, which represents a 5.8% discount to the mid-market closing price of the company’s shares on May 18.
Funds from the offering will be allocated to repay outstanding amounts under TRIG’s revolving acquisition facility, drawings under which are seen to stand at GBP 50 million by the third quarter, and support new investments. The company previously committed to spend around GBP 35 million on construction projects during the rest of 2020 and 2021.
TRIG will apply to list the new shares on the London stock exchange, with admission seen to occur on or around May 26. The placement will close on May 21.
The UK firm noted that the availability of its operating portfolio is good and work on its three projects currently under construction is on track, in spite of the COVID-19 crisis.
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.