JLEN raises £60m, eyes more
Oversubscribed share issue will be used in part to fund acquisitions
Infrastructure fund JLEN has raised £60m - with £5m more on the way - in part for the acquisition of “pipeline opportunities” that include renewable energy.
The board of John Laing Environmental Assets Group Ltd said proceeds from the “significantly oversubscribed" share issue would also be used to repay revolving credit facilities.
Demand for the offer prompted the fund to offer a further 5m shares with net proceeds “to be used to fund an acquisition that is expected to complete in the near term, having previously been anticipated for later in 2015”.
JLEN chairman Richard Morse said: “We are delighted by the response from investors and believe the success of this fundraising reflects the underlying strength of our diversified asset portfolio and the strong pipeline of opportunities available."
Winterflood Securities acted as sole sponsor, financial adviser and bookrunner on the issue.
Image: JLEN assets include the Wear Point wind farm in Wales (Infinergy)