12 Dec 2014 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
12 December 2014
Mytrah Energy Limited
("Mytrah Energy" or the "Company")
Financing and Trading Update
Pursuant to the Company's announcement dated 21 November 2014, Mytrah Energy, the India-based independent power producer, is pleased to announce that its recently issued INR 3,977m corporate bond began trading on the Bombay Stock Exchange (BSE) on 1 December 2014. The corporate bond is part of a $70m financing package, which takes the form of the INR 3,977m (approx. US$65m) India-listed non-convertible bond issued by Mytrah Energy (India) Ltd. and a US$5m loan to Mytrah Energy Ltd. The new finance will be used primarily to refinance an existing INR 900m (approx. US$15m) mezzanine facility provided by IDFC and for development of new wind power projects.
This financing structure has been approved by the Reserve Bank of India (RBI), and is therefore not subject to the announcement issued by the RBI on 25 November 2014 regarding "Routing of funds raised abroad to India" (RBI/2014-15/316).
The Company expects underlying EBITDA close to $65m in the current financial year and is also pleased to report that good progress is being made toward financial close on a number of new projects.
Ravi Kailas, Chairman and CEO, Mytrah Energy Ltd. said:
"Mytrah has shown its ability to create a substantial business in only 4 years from IPO. The highly visible contracted cash flow generated by our new wind farms has begun to impact our results this year, and we expect them to deliver a full year of performance in 2015."
"India continues to demand additional power generation on a huge scale, and wind is ideally positioned as one of the lowest cost, and fastest to market, options. We look forward to continued growth in both our generating capacity and financial capability."
For further information please visit www.mytrah.com or contact:
Mytrah Energy Limited
Ravi Kailas / Bob Smith +44 (0)20 3402 5790
Investec Bank plc
Chris Sim / Jeremy Ellis +44 (0)20 7597 5970
Mirabaud Securities LLP
Peter Krens / Rory Scott +44 (0)20 7878 3360
Yellow Jersey PR Limited
Anna Legge / Philip Ranger / Dominic Barretto +44 (0)77 6853 7739
About Mytrah Energy Ltd.
Mytrah Energy (AIM: MYT) is one of the largest and lowest cost wind focused independent power providers ('IPP') in India. The Company has 130 wind masts installed across multiple States in India, providing a rich source of information from which to select its future projects. Mytrah currently has an active development pipeline of 1500MW in India.