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Greencoat UK Wind raises £131m in placing

By Josh White

Date: Wednesday 13 Feb 2019

Greencoat UK Wind raises £131m in placing

(Sharecast News) - Listed renewable infrastructure fund Greencoat UK Wind confirmed the result of its placing on Wednesday, which it had initially announced on 1 February.
The FTSE 250 company said gross issue proceeds totalled £131m, with 102,946,483 new ordinary shares to be issued, increasing total ordinary shares to 1,234,668,373.

It said net proceeds would be used to repay or reduce future drawdowns under its revolving credit facility.

"We are grateful for the continued support from our shareholders, which has led to another oversubscribed equity capital raise and is reflective of the strong demand for UKW's attractive investment returns, proven track record and simple, low risk model," said Greencoat UK Wind chairman Tim Ingram.

The board said that, following the receipt of net issue proceeds and completion of the Stronelairg and Dunmaglass acquisitions, the firm should have £794m of outstanding debt, of which £400m was long term debt, and which would be equal to approximately 34% of gross asset value.

It said application would be made for the 102,946,483 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 0800 GMT on 27 February, provided shareholders vote in favour of the resolutions proposed at the upcoming general meeting.

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