TRIG share placement to repay debt and fund potential deal
The Renewables Infrastructure Group (TRIG) said it would place shares with investors to repay debt and fund a potential acquisition.
The FTSE 250 group said it would issue the shares at 124p each - a 3.6% discount to the closing price on 27 August and a premium of 8.5% to the last reported net asset value.
TRIG said it would use the proceeds to pay off amounts drawn under its revolving credit facility, which stands at about £141m. It also said it was in advanced talks to buy solar assets on the Iberian peninsula and would take this into account when setting the size of the issue.
The company said there was no guarantee the solar deal would be completed and that it was looking at other potential investments. The latest time for orders under the non-pre-emptive placing is 15:30 BST on 14 September.
The placing is covered by the share issuance plan established on 5 March allowing TRIG to issue up to 600 million new shares in the following 12 months. It has issued 195 million shares under the programme so far.
TRIG shares fell 1.9% to 126.19p at 08:16 BST.