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SIMEC Atlantis Energy

Simec Atlantis to raise £7mln through new retail bond offering

Simec Atlantis has already raised £10mln from bonds issued through the Abundance platform in July 2017 and 2018.

SIMEC Atlantis Energy -
Bond issue will be the third using the Abundance platform

Tidal power group Simec Atlantis PLC (LON:SAE) is to raise up to £7mln through peer-to-peer lending platform Abdundance.

The proposed five-year bond offer matures in 2024 and carries a semi-annual coupon of 8% with a first closing date of 31 October.

Any money raised will be used for Simec's Uskmouth power station conversion and the Raz Blanchard tidal power project.

The bonds are unsecured but carry a parent company guarantee.

Simec Atlantis has already raised £10mln from bonds issued through the Abundance platform in July 2017 and 2018.

Tim Cornelius, SIMEC Atlantis, chief executive said: “The bonds will help us continue work on amazing and world-leading projects such as the Uskmouth power station conversion.”

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Price: £0.11

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