fbpx
Register Log-in Investor Type

News

Greencoat UK Wind launches £198m institutional placing

Greencoat UK Wind ushers in era of subsidy free renewable energy

Greencoat UK Wind (UKW) has announced a placing in which it is seeking to raise up to £198 million  by way of a non-pre-emptive issuance to institutional investors at 131p per share. Proceeds from the Placing will be used to repay or reduce borrowings under UKW’s revolving credit facility to allow it to fund its pipeline of acquisition opportunities.

UKW says that this includes an acquisition in the near term and £162 million of previously announced committed acquisitions over the next 12 months. Following the completion of the near term acquisition, and assuming that the maximum amount has been raised under the Placing, the Company expects to have outstanding gearing of 28% of Gross Asset Value, of which £700m is fixed rate term debt.

The Placing is being conducted by way of an accelerated bookbuilding process to qualifying new and existing investors. Admission and settlement of the placing shares is currently expected to take place on or around 8.00 a.m. on 19 February 2021.

About the placing

Under the terms of the Placing and conditional upon, inter alia, Admission, UKW intends to place up to 150,853,600 new Ordinary Shares in the capital of the Company (up to 8.3% of the existing issued share capital) at a Placing Price of 131p per Placing Share (the “Placing Price”):

  • The Placing Price of 131p represents a discount of 2.1% to the closing share price on 11 February 2021 and a discount of 5.1% to the 30 day volume weighted average price of 138.1p and a premium of 8.8% to the last reported NAV of 120.4p (as at 31 December 2020) (adjusted for the 1.775p dividend which will be paid on 26 February 2021).
  • The Placing Shares will be issued fully paid and will rank pari passu with the Existing Shares.  The Placing Shares will not qualify for the Q4 2020 dividend.
  • The Placing is expected to be accretive to the net asset value per share of the Company, after costs.
  • The Placing is not underwritten.

previous story | next story

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…