NKT issues EUR 150m worth of green hybrid securities

NKT Victoria installing HV-cable for Rentel wind farm. Source: NKT

August 26 (Renewables Now) - Danish cable maker NKT A/S (CPH:NKT) has successfully issued green callable subordinated capital securities in an aggregate principal amount of EUR 150 million (USD 149.6m) to finance or refinance tangible assets and operational expenditures.

The company said on Thursday that the issue price will be 100% and the securities will bear a coupon of 7.240% per annum until the first call date. The settlement date is September 1, 2022, while the maturity date is July 1, 3022. The first call date is scheduled for July 1, 2026.

The securities will be listed on the regulated market of Nasdaq Copenhagen no later than the end of the year. Danske Bank A/S, Nordea Bank Abp and Nykredit Bank A/S served as joint bookrunners.

According to CFO Line Andrea Fandrup, the company has recognised high investor interest.

NKT is one of the main suppliers of cables for interconnections and both onshore and offshore wind projects, as well as solar projects. The company launched its green finance framework on Monday.

“Sustainability is a key strategic priority for NKT. We enable the green transition of societies with our power cable solutions and have worked to reduce the carbon footprints of our cables e.g. by switching to green electricity in our production and recycling 100% of our scrap. Having our sustainability strategy linked to our financing framework is yet another demonstration of our strong commitment to the fight against climate change,” NKT's finance head commented at the time.

(EUR 1 = USD 0.997)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription