Nordex places EUR 333m of green bonds

German wind turbine maker Nordex SE (ETR:NDX1) on Wednesday said it has placed EUR 333 million (USD 365.0m) worth of new unsubordinated, unsecured green convertible bonds to raise funds for eligible green projects.

The bonds are due April 14, 2030, and are convertible into new and/or existing no-par value ordinary bearer shares of Nordex. They have a coupon of 4.25% per annum, payable semi-annually.

"The successful placement […] allows Nordex to strengthen its capital structure while optimising financing costs,” CFO Ilya Hartmann noted in the press release.

The net proceeds from the transaction will go for initiatives including electricity generation from wind power, and installation, maintenance and repair of renewable energy technologies, as outlined in the company's green financing framework.

Nordex launched the green convertible bond offering a day earlier, originally seeking to raise EUR 350 million in gross proceeds. The bonds come with a 30% conversion premium, resulting in a conversion price of EUR 15.73.

Shares in Nordex were trading 1.95% lower at EUR 12.31 as of 0928 ECT in Frankfurt on Wednesday, implying a market capitalisation of about EUR 2.6 billion.

(EUR 1 = USD 1.096)

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