German wind turbine manufacturer Nordex said that it has issued new unsubordinated, unsecured green convertible notes worth €333 million to raise money for qualified green projects.
The bonds are convertible into new and/or existing no-par value common bearer shares of Nordex and are due on April 14, 2030. They have a 4.25% annual coupon that is due every other year.
According to CFO Ilya Hartmann in the news release, “The successful placement allows Nordex to improve its capital structure while optimizing financing costs.”
According to the company’s green finance strategy, the net profits from the transaction will be used for projects including wind energy electricity generation and the installation, maintenance, and repair of renewable energy systems.
A day earlier, Nordex began selling green convertible bonds with an initial goal of raising €350 million in gross revenues. The conversion price for these bonds, which has a 30% conversion premium, is €15.73.
As of 0928 ECT on Wednesday in Frankfurt, Nordex shares were trading 1.95% lower at 12.31, indicating a market capitalization of roughly €2.6 billion.