The Renewables Infrastructure Group (TRIG) has announced plans to issue tens of millions of new ordinary shares to repay loans taken out to finance investments earlier this year.
As well repaying £141 million of outstanding debts amassed under its revolving credit facility, the proceeds of the share issuance will also be used to make further investments currently under consideration, including the acquisition of a portfolio of solar assets on the Iberian peninsula.
The new shares will be issued at a price of 124p, representing a 3.6 per cent discount on the closing market price of 128.6p on 27 August and a premium of 8.5 per cent on the company’s last reported net asset value of 114.3p on 30 June.
The share issuance will form part of the programme launched by the company in March to issue 600 million new ordinary shares over the following 12 months, of which 195 million were issued at the time.
The exact size of the placing, which is expected to commence on 17 September, has not yet been determined. Investec Bank and Liberum Capital will act as joint bookmakers.