PNE Wind to place EUR-50m bond

German wind farms developer PNE Wind AG (ETR:PNE3) said today it intends to place a roughly EUR-50-million (USD 61.3m) corporate bond so it could be able to finance the further development of the company.

The bond has a term of five years, from May 2, 2018 to May 2, 2023. The interest margin is set at 4.00% to 4.75%. IKB Deutsche Industriebank AG and MM Warburg & CO serve as joint lead managers for the transaction, which includes both an exchange offer to holders of the 2013/2018 bond due on June 1, 2018, and a public offer.

PNE Wind is currently creating a new European wind farm portfolio that should include 200 MW of assets by 2020. The company plans to partially finance this new portfolio with the proceeds of the bond offering. The remaining portion of the funds will go towards financing investments to expand the value chain as well as organic and inorganic growth.

CEO Markus Lesser reminded that the company is also in the process of expanding its business model, increasing the range of services it offers and entering new markets such as solar power, energy storage and power-to-gas.

“We intend to secure the financial resources for the implementation of these strategic measures at an early stage," he stated.

(EUR 1.0 = USD 1.225)

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