Etrion completes EUR-40m bond sale

Solar power producer Etrion Corp (TSE:ETX) said today it has completed the issuance of EUR 40 million (USD 46.4m) of senior secured bonds in the Nordic market.

The issue, which was announced at the end of May, is designed to refinance EUR 40 million of existing senior secured bonds that have an annual interest of 8% and maturity in April 2019.

The new bonds carry an annual interest rate of 7.25% and have a bullet maturity in May 2021. Etrion, which is now focused on the Japanese solar market, said the company's holding of EUR 6.3 million in currently outstanding bonds have been rolled over into the new bonds. It can be sold later if extra funding is needed, the firm added.

(EUR 1 = USD 1.160)

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