고정 가격 공개 제안, 배당 및 재융자
24 4월 2024
미국 태양광 기금 PLC
('USF', the 'Company')
FIXED-PRICE TENDER OFFER, INTERIM 2024 DIVIDEND POLICy AND REFINANCING PLANS
Further to the Company's 2023 Annual Report and previous announcements[1], the Company is pleased to confirm its intentions in respect of a return of capital via a fixed price tender offer, revisions to the dividend policy and the outcome of its refinancing analysis.
FIXED-PRICE TENDER OFFER
USF intends to undertake a fixed-price tender offer, at a price of $0.764 per share (equivalent to the 31 December 2023 NAV of $0.78 per share, less 2% for the costs of administering the tender offer). Shareholders may choose to tender for sale some or all of their shares, subject to an upper limit of $19 million[2] being returned to shareholders.
The terms of the proposed tender offer will be set out in a circular to be issued in the next week, which will be subject to a special resolution of shareholders at a General Meeting to be scheduled for 21 May 2024, which is the same date as the Company's Annual General Meeting.
INTERIM 2024 DIVIDEND POLICy
In light of the proposed return of capital outlined above, and in order to improve operational cash dividend coverage during the remainder of the year, the Board has decided it is prudent to reduce the target dividend for 2024 to $0.0225/share ($0.0566/share in 2023). The Board will revise the dividend target for 2025 in light of any improvement in the coverage as a result of successfully completing a refinancing.
REFINANCING PLANS
As set out in USF's Annual Report 2023, operational cash dividend coverage[3] stood at 0.50x for 2023. To improve operational cash dividend coverage and financial returns to shareholders by reducing near term debt amortisation, the Board has undertaken an exercise to explore likely terms for a refinancing of the senior debt facilities.
This exercise has now concluded, and the Board intends to carry out a potential refinance through the long-dated financing available in the US private debt markets. The Company's investment manager will progress this process which would require the Company to obtain an investment grade rating.
Based on the indicative terms received from potential lenders and brokers, the Board believes that the US private debt market could provide an attractive source of debt capital which is well-matched to the long dated, fixed nominal contracted payments, paid by Investment Grade Counterparties, that comprise USF's revenues.
If successful, expected outcomes of the refinancing may include additional capital becoming available to return to shareholders. This capital could include any refinancing proceeds not used to repay existing facilities, the release of the cash which currently supports a letter of credit and any proceeds from breaking the interest rate derivatives associated with the current debt facilities. A successful refinancing is likely to result in an increase in operational cash dividend coverage for 2025 and beyond.
Subject to market conditions, the Board expects the overall process to be concluded in Q4 2024.
자세한 내용은 문의하시기 바랍니다 :
미국 태양광 펀드 Meredith Frost (Amber) |
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캐번디시 캐피털 마켓 리미티드 툰가 치고바니카 제임스 킹 윌 토킹턴 | +44 20 7397 8900
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KL 커뮤니케이션즈 찰스 고먼 샬롯 프랜시스 Patrick Lodge
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+44 20 3382 6644
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US Solar Fund plc 소개
US Solar Fund plc, established in 2019, listed on the premium segment of the London Stock Exchange in April 2019. 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 Americas.
회사가 인수하거나 건설하는 태양광 발전 자산은 최소 30년의 자산 수명을 가지며 장기 전력 구매 계약(또는 PPA)에 따라 신용도가 높은 구매자에게 전기를 판매함으로써 안정적이고 상관관계가 없는 현금 흐름을 창출할 것으로 예상됩니다. 회사의 포트폴리오는 현재 미국에 위치한 총 용량 41MWDC의 443개 운영 태양광 프로젝트로 구성되어 있습니다.
회사에 대한 자세한 내용은 웹 사이트에서 확인할 수 있습니다. http://www.ussolarfund.co.uk.
About Amber Infrastructure Group
Amber Infrastructure (Amber) is an international infrastructure specialist, focused on investment origination, development, asset management and in Europe, fund management. Amber's core business focuses on infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Among other funds, Amber Infrastructure advises International Public Partnerships, a FTSE 250-listed Company with a market cap of approximately £2.5 billion and 15-year track record of long-term investment in infrastructure assets globally. Amber is headquartered in London with offices in Europe, North America and Australia and employs c.180 infrastructure professionals. Amber has had a strategic partnership with the Hunt Group of Companies in the US since 2015. Learn more at www.amberinfrastructure.com.
[1] Please see RNS announcements on 25 March 2024, 18 March 2024, 10 July 2023 and 26 June 2023 for further background.
[2] This upper limit of $19 million represents the balance of the Mount Signal 2 (MS2) sale proceeds available for distribution (total sale proceeds were $53.2m including the $1m option fee received by the Company). The Company has to date applied the MS2 sale proceeds to the full repayment of the revolving credit facility ($4.5m), tax equity buyouts completed in December 2023 (approximately $3.2m), 2023 dividend and intermediary costs (approximately $12m) and to provide cash collateral to comply with the rating requirements of an offtaker (approximately $10m). The Company has also reserved funds for tax equity buyouts to be completed in 2025 ($2.7m) and made provision for minimum cash balances (approximately $1m).
[3] As presented in the 2023 Annual Report, Operational cash dividend coverage excludes certain components to reflect the coverage from operational revenue generation in the period.
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