Good Enrg Share News (GOOD)

LONDON (Alliance News) - Good Energy Group PLC said Tuesday it had received continuation requests worth GBP3.6 million in response to its offer to extend the maturity date on its first bond issue after continued demand from investors.

Good Energy said the GBP3.6 million continuation requests represent 45% of the total outstanding value of the Good Energy Bonds I.

In mid February, the AIM-listed renewable energy supplier said it would redeem its first bond - issued in 2013 - on March 29. This followed the sale of Newton Downs solar farm in Devon and Brynwhilach solar farm near Llangyfelach, Swansea for which the bond issue was originally purposed.

Good Energy sold Newton Downs for GBP5.8 million and Brynwhilach for GBP5.6 million in late December.

Good Energy wrote to all bondholders about the possibility of extending the maturity to November 22, 2019 at an interest rate of 4.25% per annum. All other terms on the debt would remain the same. Holders will be entitled to request payment on maturity date or annually thereafter.

The utility provider extended the offer after a "number" of bondholder told the company they wished to continue holding the bonds.

"Good Energy has a long history of customer and investor support and we are delighted at the number of our bondholders who have chosen to continue supporting Good Energy," Good Energy Chief Executive Officer Juliet Davenport said.

"Our strategy is clear - deliver sustainable, profitable growth by understanding and meeting our customers' needs," Davenport added. "This aligns the interests of our investors and customers and ultimately our purpose of supplying 100% renewable and carbon neutral solutions to UK customers."

"We will continue our good work, as we develop renewable energy projects and other corporate initiatives, to support the future growth of the company", Davenport concluded.

Shares in Good Energy closed 0.4% lower at 130.00 pence on Tuesday.