By Lisa Kerner
Charlotte, N.C., March 27 – Renewables Infrastructure Group Ltd. said that 100 million new ordinary shares will be issued in its oversubscribed offer that closed on Thursday (the 2014/2015 offer).
The company previously announced two offers for subscription that will close on either side of the U.K. tax year’s end, the 2014/2015 offer and the 2015/2016 offer.
The shares in the 2014/2015 offer were priced at 102.25p per share for gross proceeds of £102.25 million, according to a company news release.
Settlement is expected to occur on Tuesday.
Proceeds will be used to fully repay the roughly £69 million drawn under the company’s revolving acquisition facility. This will allow Renewables Infrastructure to take advantage of its “pipeline of attractive investment opportunities” under consideration.
The new shares will rank pari passu with the existing ordinary shares, including the right to receive the target dividend of 3.08p per ordinary share for the six months ending June 30.
Demand for the offering was “substantially in excess of the company's target,” nonexecutive chairman Helen Mahy said in the news release.
Canaccord Genuity and Jefferies acted as joint bookrunners.
Renewable Infrastructure said the 2015/2016 offer will open on April 6 and end on April 17.
On April 20, results will be announced, and the offer will settle on April 22.
Renewables Infrastructure is a London-based investment company with a focus on onshore wind farms and solar PV parks.
| Issuer: | Renewables Infrastructure Group Ltd.
|
| Issue: | Ordinary shares (2014/2015 offer)
|
| Amount: | £102.25 million
|
| Shares: | 100 million
|
| Price: | 102.25p
|
| Bookrunners: | Canaccord Genuity, Jefferies
|
| Announced: | March 16
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
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