Good Energy Shuts Bond Subscriptions After Beating Target
Good Energy Group Plc (GOOD), a U.K. renewable-power supplier, closed subscriptions for a bond sale after demand exceeded its 15 million-pound ($24 million) limit.
The subscription period for the 7.25 percent-coupon corporate bonds ended almost three weeks before the planned Nov. 13 deadline, the Chippenham, England-based company said today in a statement. Unsuccessful applicants will be contacted and their subscription payments reimbursed, it said.
Good Energy had sought a minimum of 5 million pounds to help expand its electricity-generating capacity more than 10-fold. Customers who bought the four-year bonds were offered an extra payment on maturity valued at 0.25 percent for each year that they’re clients and bondholders.
The company’s shares rose by as much as 6.4 percent in London, the most in a week, and were up 4.6 percent at 195 pence as of 3:50 p.m. local time.
Good Energy is seeking to develop enough renewable generating capacity to supply 50 percent of its customers’ electricity by 2016. It currently operates a single 9.2-megawatt wind farm, which provides 16 percent of supply.
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