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Greencoat UK Wind : Issues Further Shares To Pay Down Debt (ALLISS)

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10/25/2016 | 08:47am CEST

value="LU/gb.eng.london" idsrc="xmltag.org">LONDON (Alliance News) - value="LSE:UKW" idsrc="xmltag.org">Greencoat UK Wind PLC on Tuesday said it has launched its second issue under its share issuance programme, to raise funds to pay down its revolving credit agreement.

The renewable infrastructure fund, which is solely invested in operating value="LC/gb" idsrc="xmltag.org">UK wind farms, said, in this second tranche, it will issue the shares by way of a placing and an initial offer for subscription at a price of 110 pence per share.

Greencoat did not say how much it would be looking to raise in the issue or how many shares would be issued, though noted it has outstanding borrowings of GBP145.0 million under its revolving credit facility and GBP100.0 million under its long-term facility agreement.

Greencoat said the funds will pay down the revolving credit facility, enabling it to pursue a pipeline of attractive investment opportunities.

Both the placing and offer for subscription are expected to open on November 1, and results from the second issue are expected to be announced on November 18.

value="ACORN:3023315330" idsrc="xmltag.org">RBC Europe Ltd is acting as sponsor and bookrunner to the company and Kepler Partners LLP is acting as placing agent with regards to the second issue.

The company said its unaudited net asset value as of September 30 was GBP646.7 million, or 107.30p per share, which it said reflects the increase in the long-term power price. Greencoat said its quarterly dividend for the period between July 1 and September 30 will be 1.585p per share.

Copyright 2016 Alliance News Limited. All Rights Reserved., source Alliance News

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