PNE WIND plans to issue €25.58 million 3.75% convertibles due 2019

By Susanna Moon

Chicago, Sept. 11 – PNE WIND AG said it plans to issue up to €25,575,000 3.75% convertible bonds due in 2019.

The bonds will comprise up to 7.75 million new individual convertible bonds, each convertible into a registered ordinary share (non-par) with a calculated proportional participation of €1.00 per non-par share in the company’s share capital and the right to participate in dividends from the financial year of their issue, according to a company notice.

The new individual convertible bonds will initially be offered to the company’s shareholders and holders of the 6.5% 2010/2014 convertible bond issue via an indirect subscription right through Close Brothers Seydler Bank AG, Frankfurt am Main in a ratio of 23 to 3, the company said.

For each old share, shareholders will receive one subscription right and 6.5% bondholders will receive about 45.45 subscription rights under the conversion ratio.

The purchase price, which is also the fixed conversion price, is €3.30 for each new individual convertible bond.

The subscription period will run from Sept. 15 until Sept. 29.

PNE WIND said it plans to use proceeds to finance its equity share in the realization of onshore wind farms in Germany or, in individual cases, also abroad.

PNE WIND is a wind-farm developer based in Cuxhaven, Germany.

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