Renewables developer Neoen has completed its offering of convertible bonds to raise €200m in capital.
The senior unsecured bonds are convertible into new shares or exchangeable for existing shares of the company and are due 7 October 2024.
Neoen will use the capital to finance growth to reach its 2021 capacity target of more than 5GW.
Neoen CEO Xavier Barbaro said: “The success of this inaugural convertible bond issuance highlights Neoen’s attractiveness to investors. The terms obtained illustrate their confidence in our capacity to develop and operate our portfolio of assets and to keep growing it in a balanced and diversified way, while ensuring the strong economic competitiveness of each project.”
The issue s fully subscribed by French and international institutional investors, according to Neoen.
The nominal unit value of the Bonds has been set at €30.17, corresponding to a premium of 35% above Neoen’s reference share price on the regulated market of Euronext in Paris.