US Solar Fund PLC Correction -- Heelstone Debt Refinancing (5636Z)
May 24 2021 - 3:39AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 5636Z
US Solar Fund PLC
24 May 2021
The following amendment has been made to the 'Heelstone Debt
Refinancing' announcement released on 24 May 2021 at 07:00 under
RNS No 5093Z.
"The new debt facility has a tenor of 7 years but is fully
amortized over approximately 16 years to match the duration of the
underlying power purchase agreements."
All other details remain unchanged.
The full amended text is shown below.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER
JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD
BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF
ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY
INVESTMENTS IN ANY JURISDICTION.
24 May 2021
US SOLAR FUND PLC ("USF", the "Company")
Heelstone Debt Refinancing
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) has successfully
refinanced the existing debt facilities associated with a 177
MW(DC) portfolio of 22 projects acquired in 2020 (Heelstone
Portfolio). The refinancing transaction required approximately $92m
of the $132m recently raised by USF and is consistent with the use
of proceeds contemplated in the Company's Prospectus dated 13 April
2021.
Fifth Third Bank National Association will provide a new debt
facility which, along with a portion of the proceeds from USF's
recent capital raise, will be used to repay all of the existing
project level debt. The new debt facility has a tenor of 7 years
but is fully amortized over approximately 16 years to match the
duration of the underlying power purchase agreements.
The refinancing of these legacy loans reduces the effective
interest rate for the Heelstone Portfolio from approximately 6.25%
to less than 3% per annum. The base interest rate is fully hedged
for the term of the newly issued debt.
This refinancing will benefit USF by lowering overall gearing to
approximately 40% (below the long-term target of 50%), reducing
sensitivity to changes in key assumptions including long-term power
prices, and enhancing dividend coverage.
For further information, please contact:
US Solar Fund
Whitney Voute +1 718 230 4329
Cenkos Securities plc
James King
Tunga Chigovanyika
Will Talkington +44 20 7397 8900
Jefferies International Limited
Stuart Klein
Gaudi le Roux +44 20 7029 8000
KL Communications +44 20 3995 6673
Charles Gorman
Charlotte Stickings
About US Solar Fund plc
US Solar Fund plc, established in 2019, is listed on the premium
segment of the London Stock Exchange in April 2019 with a market
capitalisation of approximately $340m. The Company's investment
objective is to provide investors with attractive and sustainable
dividends with an element of capital growth by owning and operating
solar power assets in North America and other OECD countries in the
America.
The solar power assets that the Company acquires or constructs
are expected to have an asset life of at least 30 years and
generate stable and uncorrelated cashflows by selling electricity
to creditworthy offtakers under long-term power purchase agreements
(or PPAs). The Company's portfolio currently consists of 42
operational solar projects with a total capacity of 493MWDC, all
located in the United States.
Further information on the Company can be found on its website
at http://www.ussolarfund.co.uk .
About the Investment Manager
USF is managed by New Energy Solar Manager (NESM). NESM also
manages New Energy Solar, an Australian Securities Exchange
(ASX)-listed fund. NESM manages over US$1.4bn of invested capital
across US and Australian solar plants.
NESM is owned by E&P Funds, the funds management division of
E&P Financial Group, an ASX listed company (ASX: EP1) with over
A$20 billion of funds under advice.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGRGDUUXDDGBS
(END) Dow Jones Newswires
May 24, 2021 03:39 ET (07:39 GMT)
Us Solar (LSE:USF)
Historical Stock Chart
From Jul 2024 to Jul 2024
Us Solar (LSE:USF)
Historical Stock Chart
From Jul 2023 to Jul 2024