By Susanna Moon
Chicago, Oct. 1 – PNE WIND AG said it placed €6.57 million of convertible bonds to finance a new subsidiary called Yieldco.
The company placed about 25.67% of the total convertible bonds offered, according to a company notice.
PNE WIND said it will receive total proceeds of €40 million from the convertible issue and from an issue of common stock.
Proceeds will be used to implement the planned strategic expansion of the company’s business model. The company said it plans to bundle completed wind farms with about 150 MW of nominal capacity in the new Yieldco subsidiary with the intention to sell this new company in part or completely to investors by the end of 2016.
Close Brothers Seydler Bank AG, Frankfurt am Main is the global coordinator and bookrunner.
Planned issue
The company said on Sept. 11 that it planned to issue up to €25.58 million of 3.75% convertible bonds due 2019.
The bonds were to comprise up to 7.75 million new individual convertible bonds, each convertible into a registered ordinary share (non-par) with a calculated proportional participation of €1.00 per non-par share in the company’s share capital and the right to participate in dividends from the financial year of their issue, according to a previous company notice.
The new individual convertible bonds were initially offered to the company’s shareholders and holders of the 6.5% 2010/2014 convertible bond issue via an indirect subscription right through Close Brothers Seydler Bank in a ratio of 23 to 3, the company said.
For each old share, shareholders received one subscription right and 6.5% bondholders received about 45.45 subscription rights under the conversion ratio.
The purchase price, which is also the fixed conversion price, is €3.30 for each new individual convertible bond, which represents a 12.63% conversion premium.
The subscription period was scheduled to run from Sept. 15 until Sept. 29.
PNE WIND is a wind-farm developer based in Cuxhaven, Germany.
| Issuer: | PNE WIND AG
|
| Issue: | Convertible bonds
|
| Amount: | €6,565,132.20
|
| Maturity: | 2019
|
| Coupon: | 3.75%
|
| Purchase price: | €3.30
|
| Conversion price: | €3.30
|
| Conversion premium: | 12.63%
|
| Bookrunner: | Close Brothers Seydler Bank AG, Frankfurt am Main
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 29
|
| Stock ticker: | ETR: PNE3
|
| Stock price: | €2.93
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
