Renewables developer Neoen has launched a bond scheme aimed at raising €200m to mainly help finance growth towards the company’s 2021 capacity target of over 5GW.
The offering of senior unsecured bonds convertible into new shares and/or exchangeable for existing shares of the company are due 7 October 2024.
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The net proceeds also aim to optimise Neoen’s balance sheet within the guidelines given by the company regarding an average leverage ratio of approximately 80-85% of invested capital on an all-in basis.
The bonds will be issued at par and will bear an interest at a rate ranging from 1.250% to 1.875%, payable semi-annually in arrears on 7 October and 7 April each year starting in 2020.