By Kyle Morris

 

Downing Renewables & Infrastructure Trust PLC said Thursday that it has raised around 52.9 million pounds ($64.9 million) via a discounted share-placing, an open offer and a subscription, beating its expectation.

The U.K.-based trust said the proceeds will be used to repay its revolving credit facility and to invest in its pipeline of near-term opportunities.

The company said it received applications for 47.6 million shares at a price of 111 pence apiece, exceeding the target size of the initial issue.

On June 7, the company said it planned to raise around GBP50 million via a discounted share-placing, an open offer and a subscription.

Shares in Downing Renewables & Infrastructure Trust at 0734 GMT were down 1.00 pence, or 0.9%, at 110.50 pence.

 

Write to Kyle Morris at kyle.morris@dowjones.com

 

(END) Dow Jones Newswires

June 23, 2022 04:11 ET (08:11 GMT)

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