The Renewables Infrastructure Group Limited (‘TRIG’) has secured a £200m private placement of fixed-rate loan notes through its UK investment subsidiary.
The London-listed renewables investor said the proceeds will reduce drawings on its £500m revolving credit facility to about £200m.
The strong investor demand enabled an upsizing from an initial £150m target, according to the company.
The Notes comprise a £100m Sterling tranche and a €115m (£100m equivalent) Euro tranche with a weighted average interest rate of 5.23%.
Minesh Shah (pictured), managing director, said: “We are delighted with the strong investor demand for TRIG’s first private placement, which further diversifies our sources of capital.”
He added: “The depth of interest from highly experienced lenders, which is reflected in the upsizing of the issuance to £200m and the attractive interest rate achieved, demonstrates the confidence in TRIG’s financial position, underlying portfolio quality and strategic direction.”
Shah stated: “We are pleased to achieve this milestone, which enhances our capital allocation headroom and long-term growth prospects.”
The Notes mature in February 2038 and amortise in equal instalments of £20m every six months from August 2033, aligning with TRIG’s fixed price revenue profile.
TRIG said the terms extend its debt maturity profile while fixing interest costs at a level consistent with current RCF pricing.
The Notes were purchased by an institutional group including Canada Life, Pension Insurance Corporation, Legal & General, Swiss Re and Nomura Asset Management.