Deals this week: ReNu Energy, CU, Tlou Energy

24 November 2017 (Last Updated November 24th, 2017 09:00)

ReNu Energy has agreed to raise gross proceeds of around A$4.1m ($3.1m) by issuing up to 228,029,717 new fully-paid ordinary shares in a share purchase plan (SPP).

ReNu Energy has agreed to raise gross proceeds of around A$4.1m ($3.1m) by issuing up to 228,029,717 new fully-paid ordinary shares in a share purchase plan (SPP).

The shares will be priced at A$0.018 ($0.014) each.

Proceeds raised through the offering are proposed to be used for fast-tracking the Boggabilla solar farm’s heads of agreement, conversion of near-term projects, and for working capital purposes.

ReNu Energy is an Australia-based power generation company.

CU plans to raise gross proceeds of C$430m ($336.6m) in a public offering of 3.548% unsecured debentures due 22 November 2047.

CU is engaged in power transmission and distribution.

To be issued at a price of C$100 ($78.2) each, the debentures are anticipated to yield 3.548% upon maturity, while the interest will be paid semi-annually on 22 May and 22 November of every year.

CU has engaged RBC Dominion Securities, BMO Nesbitt Burns, TD Securities, Scotia Capital, and CIBC World Markets as the agents for the offering, while Bennett Jones has been engaged as the legal advisor.

Proceeds from the transaction are intended to meet the capital expenditures, clear debts, and be used for other general corporate purposes of ATCO Electric and ATCO Gas and Pipelines.

Tlou Energy has agreed to raise gross proceeds of BWP33m ($3.1m) in a private placement of 21.2 million shares priced at BWP1.56 ($0.15) a share.

“Tlou Energy has agreed to raise gross proceeds of BWP33m ($3.1m) in a private placement of 21.2 million shares.”

Investment funds managed by African Alliance Botswana will subscribe to the shares issued under the placement.

The company has engaged Integra Advisory Partners and Motswedi Securities as placement agents.

Proceeds are intended to be used for an ongoing seismic and core hole appraisal programme, to commence dual lateral production pod drilling at the Lesedi project, to meet the costs incurred on listing on the Botswana Stock Exchange, and for working capital purposes.

Zuma Energia has raised $155m in project financing to develop the 179MW Santa Maria solar park in Galeana, Mexico.

A group of investors including La Banca de Desarrollo, Nacional Financiera, and North American Development Bank provided the project financing.

Based in Mexico, Zuma Energia is a renewable energy company.

The Southern Company plans to raise gross proceeds of $450m through a public offering of 5.25% series 2017B junior subordinated notes due 1 December 2077.

The company proposes to pay interest on the notes in four quarters starting from 1 March 2018.

J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co, UBS Securities, and Wells Fargo Securities are acting as joint book-running managers, while Troutman Sanders is acting as legal advisor.

The proceeds are proposed to be used for clearing the company’s short-term debts, and for other general corporate purposes.