In QuotedData’s morning briefing 23 June 2023:
- Gore Street Energy Storage (GSF) has increased the size of its existing revolving credit facility (RCF) with Santander from £15m to £50m. Pricing for the £50m facility remains unchanged at 300 basis points over SONIA. If the increased RCF is fully utilised, GSF’s debt would be equivalent to c.8% of its gross asset value (GAV). The facility includes an accordion option to increase beyond £50m to up to 30% of GAV. The four-year term of the facility extends until 2027 and the RCF will be used to support the development of GSF’s construction portfolio, while also providing headroom to explore attractive pipeline opportunities. Separately, GSF is also exploring project-level financing options in USD for its Big Rock asset in California. The asset’s revenue profile is expected to be underpinned by a long-term fixed contract, accounting for up to 40% of project revenue, which GSF says makes it an attractive candidate to introduce project-level debt at competitive pricing levels. Notwithstanding the debt headroom permitted under the company’s gearing policy, net debt is not expected to exceed £150m, or c.21% of GAV over the next 18 months, based on funding requirements for constructing the 522 MW of capacity targeting energisation by December 2024, and including milestone payments for all portfolio assets with energisation targets beyond this 18-month period. GSF says that it continues to review the build-out plan of its construction portfolio while monitoring the current interest rate environment and taking cognisance of yesterday’s Bank of England interest rate increase of 50bps. The company’s cash balance as of 31 March 2023 was £123.7m which is sufficient to meet all existing contractual obligations.
We also have:
- annual results for Montanaro European Smaller Companies.
- the sudden withdrawal of nominations for two Princess Private Equity directors
- The publication of an IPO prospectus by Fondul Proprietatea’s Hidroelectrica
- An update on the offer for Civitas Social Housing
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