Israeli company Econergy Renewable Energy has completed the institutional stage in the recruitment of a new series of convertible bonds raising €68m for clean power projects.
Demand was received on a scale of more than €85m, of which the company has selected to accept advanced commitments for the purchase of bonds on a scale of approximately €68m.
The bonds will be repayable in one payment on 30 June 2026 and they will bear interest at a rate of 2.5%, which will be payable twice a year in June and December starting in June 2022 and ending in June 2026.
The currency of the bond is New Israeli Shekels and has a duration of 4.3 years.
The bonds are convertible into shares up to June 2026.
Econergy chief executive Eyal Podhorzer said: “We are grateful to the investors for the high level of response to our initial issuance of bonds.
“We view the high demand from investors as an expression of trust in the company, in our business model and in our growth plans to develop clean energy infrastructure across Europe.
“We will continue to take action to expand and to progress the projects in the company’s pipeline in the various markets we operate in, for the benefit of all the holders of the company’s securities as we look to play a leading role in the energy transition in Europe.”
The issue was led by Orion Underwriting and Issuances and Leader Underwriting.