Last checked at 
(Clarifying amount likely to be raised.)
(Alliance News) - Foresight Solar Fund Ltd said Tuesday it intends to raise funds through a placing of up to 54.9 million shares, which will go towards the repayment of debt drawn down from its credit facilities.
The placing has been launched immediately, with the placing price not disclosed, but expected to be greater than the fund's latest announced net asset value per share, which was 109.0p as at the end of August.
At 109.0p each, should Foresight Solar issue the full 54.9 million shares, the company would raise around GBP59.8 million.
Shares in the solar photovoltaic-focused fund were down 3.2% at 120.50 pence on Tuesday.
The placing will be conducted via a book-building process, for which Stifel Nicolaus Europe Ltd will act as sole bookrunner. The placing will close on Wednesday next week, and the results announced the day after.
Proceeds from the placing will go towards the reduction of gearing by repaying some of Foresight Solar's debt, which as at August 31 stood at GBP509.9 million in total.
Of this debt pile, GBP404.9 million is long-term debt, while GBP105.0 million has been drawn from revolving credit facilities.
By reducing its gearing, Foresight will have additional financial flexibility to pursue new investment opportunities, it said.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
