Atlantis issues ocean bonds
Edinburgh-based tidal energy developer Atlantis Resources has formally launched its bond offer through the Abundance Investment platform.
The five-year bond offer, maturing in 2022, has a coupon of 8% which is payable semi-annually, Atlantis informed.
The bond offer seeks to raise a minimum of £2 million and a maximum of £5 million, and is expected to close on or before August 16, 2017, with the possibility of extension.
Atlantis said it will used the proceeds of the issue to progress and accelerate the development of the best opportunities in its project pipeline, to repay some more expensive debt, and to provide general working capital for the Atlantis group.
Tim Cornelius, CEO of Atlantis, said: “As we embark on the most exciting time in the history of tidal power, this bond offer represents a chance for ordinary investors to help Atlantis to grow and share in its financial success. The bonds will help us achieve the huge potential the ocean offers for generating clean, unseen, environmentally benign, highly predictable power across the world.”
The issuing entity will be a Atlantis’ wholly-owned UK-based subsidiary, and the bonds, which will be unsecured, will benefit from a parent company guarantee from Atlantis.