Media 

Greencoat UK Wind PLC: Results of Capital Raise

13 December, 2013

GREENCOAT UK WIND PLC

 

Results of Capital Raise

 

Greencoat UK Wind plc ("UK Wind" or the "Company"), the listed infrastructure fund invested solely in operational UK wind farms, today announces the result of its capital raise ("the Issue"). 

 

Highlights

  • 80,975,610 New Ordinary Shares, at an issue price of 102.5 pence per share, will be issued raising Gross Issue Proceeds of £83 million; increasing total Ordinary Shares to 341,243,001
  • In line with stated strategy, the proceeds will be used to pay down the acquisition debt facility, leaving £50 million of debt outstanding

 

Commenting on the announcement, Tim Ingram, Chairman of Greencoat UK Wind, said:

"We are pleased at the response to the capital raise from private and institutional investors. We believe this demonstrates the continued attractiveness of Greencoat UK Wind's model: providing investorswith long-term, predictable returns and enabling wind farm owners to reinvest the capital into their development programmes."

 

Summary of the issue

Net proceeds from the Issue will be used to pay down part of the existing bank facility, which has been used to fund recent acquisitions. The issue consists of:

  • Open Offer:Applications under the Open Offer amounted to 43,952,119 Shares
  • Offer for Subscription:Applications under the Offer for Subscription amounted to 325,073 Shares
  • Placing: Applications under the Placing amounted to 36,698,418 Shares

 

Application has been made for the 80,975,610 New Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities with effect from 8.00 a.m. on Wednesday, 18 December 2013. 

Definitions used in the Prospectus apply to this announcement unless the context requires otherwise.