By Abigail W. Adams
Portland, Me., June 1 – Etrion Corp. priced €40 million of three-year senior bonds with a coupon of 7¼% on Friday, according to a company news release.
Pareto Securities was the sole manager for the offering.
The new bonds were issued in a refinancing of the company’s outstanding €40 million of 8% senior secured bonds due April 2019.
The 8% bonds due 2019 have been called for redemption at 101% of the principal amount with redemption to take place on July 17, 2018.
Etrion’s holding of €6.3 million of the 8% bonds will be rolled into the new 7 ¼% bonds, with the amount included in the issuance, according to the release.
“I am pleased to have completed the refinancing of our corporate bond in order to extend the maturity and reduce the interest rate,” Etrion CEO Marco Antonio Northland said in the press release.
There was strong demand in the Nordic market for the new issuance, Northland said in the release.
The 7¼% bonds will be listed on the Frankfurt and Oslo stock exchanges.
Etrion is a Geneva, Switzerland-based independent power producer that develops, owns and operates utility-scale solar power generation plants.
| Issuer: | Etrion Corp.
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| Amount: | €40 million
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| Maturity: | May 2021
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| Securities: | Senior secured bond
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| Bookrunner: | Pareto Securities
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| Coupon: | 7¼%
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| Trade date: | June 1
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