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Share Name Share Symbol Market Type Share ISIN Share Description
Us Solar Fund Plc LSE:USF London Ordinary Share GB00BJCWFX49 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.995 0.99 1.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.2 0.3 0.2 497.5 331

US Solar Fund PLC Correction -- Heelstone Debt Refinancing

24/05/2021 8:39am

UK Regulatory (RNS & others)


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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

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May 24, 2021 03:39 ET (07:39 GMT)

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