French renewables developer Neoen has completed a recent offering of convertible bonds, raising EUR 200 million (USD 219.4m) for growth initiatives in support of its 2021 goal of having over 5 GW of under-construction and operational capacity.
Apart from backing its capacity expansion plans, Neoen will use funds from the sale for general corporate needs and to enhance its balance sheet, the company said on Thursday.
The transaction, which was fully subscribed, involved the placement of senior unsecured bonds convertible into new shares and/or exchangeable for existing shares of the company among French and international institutional investors. The nominal unit value of the bonds has been set at EUR 30.17, equal to a premium of 35% above Neoen’s reference share price on the regulated market of Euronext in Paris.
The maturity date of the securities is October 7, 2024. They bear an interest of 1.875%, to be distributed semi-annually, starting in April 2020. The settlement of the bonds will take place on October 7, 2019.
Neoen said it will apply to list the bonds on the Euronext Access segment of the Euronext bourse in Paris within 30 calendar days from their issue date.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.