Photon Energy upsizes 2017/2022 bond to EUR 43m

Amsterdam-based solar developer Photon Energy NV (WSE:PEN) has increased its 2017/2022 five-year euro-denominated corporate bond to EUR 43 million (USD 48.9m) through a new placing.

The new offering of EUR 5.4 million has allowed the company to boost the previous bond volume by 14%, it said in a bourse filing on Friday. The securities were sold in a private placement among institutional investors throughout Europe and will start trading on the open market of the Frankfurt bourse shortly.

The 2017/2022 bond bears an annual coupon of 7.75%.

Photon Energy plans to use the proceeds to grow its portfolio of photovoltaic (PV) parks with the construction of new plants in Hungary and Australia. Some of the funds will be allocated to enhance the company’s financial position, it said.

Frankfurt-based bank Bankhaus Scheich Wertpapierspezialist AG was the solar global coordinator of the new placement.

(EUR 1.0 = USD 1.129)

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