Renewables investment fund Greencoat UK Wind has scheduled the closing date of its share placing for 12 February 2019.
The bookbuilding process will close no later than 16:30 London time on that date, with a further announcement on the results due to be made the following day.
On 1 February the company announced plans to raise up to £131m through a placing of new ordinary shares.
Proceeds will be used to repay or reduce future draw downs under Greencoat UK Wind’s revolving credit facility, increased to £525m.
Following the completion of the acquisitions, the target date of which is 29 March 2019, and assuming that the maximum amount has been raised under the placing, the company expects to have £794m of outstanding debt.
Out of this amount £400m is long term debt, equal to 34% of gross asset value.