Photon Energy announced today details of aplanned 5-year EUR-denominated bond with a 7.75% annual coupon withquarterly payments. The bond issue is aimed at holders of thecompany’s outstanding EUR-bond 2013-18 as a follow-on investment,as well as at new investors. The total placement volume of the bondissue is up to EUR 30 million. Holders of the outstanding EUR-bond2013-18 will be able to exchange their bonds for the 7.75% EUR-bond2017-22 from 25 September to 20 October 2017.
New investors will be able to subscribe forthe new bond issue between 9 October and 24 October 2017. After thesubscription period the bond will be traded on the Frankfurt StockExchange. Photon Energy aims to refinance the outstanding EUR-bond2013-18 and raise additional capital for the planned expansion ofthe company’s portfolio of PV power plants in Australia andHungary.
Global solar energy producer Photon EnergyN.V. today announced that it has received approval of theprospectus for a EUR-bond (ISIN DE 000A19MFH4)with a placementvolume of up to EUR 30 million. The 5-year bond with a EUR 1,000denomination offers a 7.75% annual coupon with quarterly payments.The issue proceeds will be used for the refinancing of theoutstanding 8% EUR-bond 2013-18 with the balance to be investedinto the expansion of the company’s portfolio of PV power plants.Photon Energy has mandated Munich-based Dero Bank AG to act as itsadvisor and lead manager for the bond issuance andsubscription.
Holders of the 8% EUR-bond 2013-18 areinvited to exchange their current bonds at a 1:1 ratio for the new7.75% EUR-bond 2017-22, for which they are eligible for a 1.75%exchange bonus. The exchange period commences on 25 September 2017and ends on 20 October 2017. Holders of the 8% EUR-bond 2013-18 whowish to exchange their bonds, should contact their depositaryinstitution, which will provide them with the necessarydocumentation. Photon Energy published FAQ for current and newinvestors on the website http://bond17.photonenergy.com,where detailed information and the approved prospectus areavailable. Based on Photon Energy’s proven track record of couponpayments and a stable bond trading price, the exchange offerprovides current bond holders with the opportunity to lock incontinuous cash flows with a relatively low and calculable riskprofile for another 5 years.
A public offer of the 7.75% EUR-bond2017-22 will take place in Germany, Austria and Luxembourg. Newinvestors will be able to subscribe to the bond between 9 Octoberand 24 October 2017 through the Subscription Box of the FrankfurtStock Exchange or through their broker.
The commencement of trading is scheduledfor 27 October 2017 on the Open Market of the Frankfurt StockExchange.
The issue proceeds will be used for therefinancing of Photon Energy’s outstanding 8% EUR-bond 201318 dueon 12 March 2018 (ISIN: DE000A1HELE2) with the balance to beinvested into the expansion of the company’s portfolio of PV powerplants in Australia and Hungary. Photon Energy has previouslyannounced its Australian project pipeline with a total generationcapacity of over 1 GWp. In Hungary the company has already acquireda ready-to-build project for a 520 kWp PV power plant and isactively working on the development for additional proprietaryprojects to be kept in the company portfolio as long-term incomegenerating assets.
Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com
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