Meyer Burger issues EUR 216m green bond to fund production expansion

Swiss solar manufacturer Meyer Burger Technology AG (SWX:MBTN) has placed green senior unsecured guaranteed convertible bonds of EUR 216.3 million (USD 236.41m) to finance the expansion of its production capacity.

The notes were issued by Meyer Burger's German subsidiary MBT Systems GmbH, the Swiss company said on Wednesday.

The bonds bear a coupon of 3.75% per annum and are due in 2029. The underlying shares are newly issued or existing Meyer Burger shares with a nominal value of CHF 0.05 each. The initial conversion price is set at EUR 0.6953, implying a 27.5% premium above the reference share price.

The settlement is scheduled to take place on or around May 17.

The proceeds will be invested in material and equipment sourcing and the ramp-up of module and cell production. The Swiss manufacturer said in March that its annual module production capacity in Goodyear, Arizona in the US will be raised from 1.6 GW to 2 GW. An increase in cell production capacity at the German sites is also planned.

(EUR 1 = USD 1.093)

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