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Greencoat announces successful oversubscribed capital raise
Highlights
- Gross Issue Proceeds of £118.8 million
- 101,576,695 New Ordinary Shares, will be issued, increasing total Ordinary Shares to 1,130,794,986.
- Net proceeds will be used to complete the purchase of UKW's further shareholding in the Clyde wind farms on 30 May 2018
Commenting on the announcement, Tim Ingram, Chairman of UKW, said:
We are pleased to announce another successful and heavily oversubscribed equity capital raise, which is NAV accretive, net of costs. We are grateful for the support from shareholders, which is testament to the company's simple, low risk and proven strategy.
Following the receipt of Net Issue Proceeds and completion of the Clyde shareholding acquisition, UKW will have outstanding borrowings of £245 million under its Revolving Facility Agreement and £150 million under its Long Term Facility Agreement, equivalent to c.23% of Gross Asset Value.