Result of Capital Raise

RNS Number : 5188P

Greencoat UK Wind PLC

18 November 2016

 

Result of Capital Raise

Greencoat UK Wind plc (the "Company" or "UKW"), the leading listed renewable infrastructure fund, invested in operating UK wind farms, today announces the result of the Second Issue of the Share Issuance Programme as announced on 25 October.

Highlights

·      Gross Issue Proceeds of £147 million

·      133,636,364 New Ordinary Shares, at an issue price of 110 pence per share, will be issued, increasing total Ordinary Shares to 736,700,850

Commenting on the announcement, Tim Ingram, Chairman of UKW, said: "We are delighted to announce a heavily oversubscribed capital raise, highlighting the strong support of both existing and new shareholders. The proceeds will be used to pay down the Company's short term acquisition facility in full, enabling Greencoat UK Wind to pursue a pipeline of attractive investment opportunities. The Company's long term borrowings will remain in place."

Following the receipt of Net Issue Proceeds and subsequent full repayment of borrowings under its Revolving Facility Agreement, UKW will have outstanding borrowings of £100 million under its Long Term Facility Agreement, equivalent to c.11% of Gross Asset Value.

Application will be made for the 133,636,364 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 22 November 2016.

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

For further information, please contact:

Greencoat UK Wind	020 7832 9425
Stephen Lilley
Laurence Fumagalli
Tom Rayner
RBC Capital Markets (Sponsor and Bookrunner)	020 7653 4000
Darrell Uden Duncan Smith
Matthew Coakes
Kepler Partners (Placing Agent) Hugh van Cutsem	020 3384 8796
Tulchan Communications	020 7353 4200
Stephen Malthouse

 

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