Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Tilt Renewables to raise A$260m of new equity


By Rebecca Howard

Feb. 20 (BusinessDesk) - Tilt Renewables plans to raise approximately A$260 million of new equity to help fund its A$560 million Dundonnell wind project.

Melbourne-based Tilt said the underwritten pro-rata accelerated entitlement offer has an issue price of NZ$1.75 per new share. The issue price is a 25.8 percent discount to Tilt's closing price on the NZX yesterday of NZ$2.36 and a 19 percent discount to the theoretical ex-entitlement price of NZ$2.16, it said.

Trading of the stock is currently halted.

Under the offer, eligible shareholders will be entitled to acquire one new share for every two existing shares held at 5 pm New Zealand time and 3 pm Melbourne time on Feb. 22.

The institutional component of the offer will be accelerated and will occur over the two business days immediately after the offer is announced. The retail component of the offer will open for eligible retail shareholders on Feb. 26 and close March 14.

Approximately 156 million new shares will be issued under the offer, ranking equally with those on issue.

Tilt Renewables’ major shareholders, Infratil and Mercury NZ and their relevant subsidiaries, have each provided commitments to fully subscribe for their respective entitlements in the equity raising. They are prevented from participating in shortfall bookbuilds or sub-underwriting.

Infratil currently holds 65 percent of Tilt shares, while Mercury holds 19.99 percent.

The 336 megawatt Dundonnell project is Tilt’s biggest development yet, comprising 80 Vestas 4.2 MW turbines. They will stand 189 metres high to the blade tip, with a 150-metre diameter rotor and should generate about 1,230 gigawatt-hours of electricity annually. Construction is currently underway.



A total of A$300 million for the Dundonnell project costs will be funded by the combination of a syndicated bank debt package from Tilt's existing bankers and a term facility with the Danish Export Credit Agency.

The proceeds of the offer plus cash reserves will be used to fund the remaining expected construction costs, Tilt said.

Citigroup Global Markets and Forsyth Barr are acting as underwriters lead managers of the offer.

Tilt owns and operates eight wind farms in Australia and New Zealand with an installed capacity of 636 MW and an additional 336 MW under construction. It also has a significant pipeline of over 3,000 MW of wind and solar projects in Australia and New Zealand of which just under 1,500 MW have secured the required planning approvals.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>

ALSO:

Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>

ALSO:

Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>

ALSO:

In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>

ALSO:

Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>

ALSO:

Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>

ALSO: