Swiss PV equipment supplier Meyer Burger Technology has raised CHF 100 million ($107 million) in a convertible bond issue.
The company said it wouild use the proceeds from the offering to fund potential working capital requirements, investments in demo equipment and general corporate purposes.
The senior unsecured convertible bonds are due 2020 and carry an investor put option in 2018.
The bond coupon has been set at 4%m, with the conversion price fixed at CHF 11.39, representing a premium of 27.5% over the average share price between the announcement and pricing of the bonds.
Issued at 100% of their principal amount, the bonds, unless previously redeemed, converted or repurchased and cancelled, will mature on September 24, 2020, at 100% of their principal amount.
The bonds will be convertible into 8.78 million registered Meyer Burger shares, representing 9.77% of the company's current outstanding share capital. Meyer Burger said it excluded the pre-emptive rights of current shareholders to subscribe to the bonds and added that the offering attracted high demand from domestic and international investors.
The company will also apply for the bonds to be admitted for listing and trading on the SIX Swiss Exchange, with provisional trading expected to start on or around September 23. Payment and settlement of the bonds is expected to be on or around September 24.
The offering consisted of a public offering in Switzerland and private placements in certain jurisdictions outside of Switzerland and the United States.
Credit Suisse and UBS are acting as joint bookrunners on the bond offering.
Meyer Burger last month posted a net loss for the first half of the year of CHF 88 million ($94 million), up 9% year-on-year, while overall revenue rose 43% to CHF 129 million ($137.5 million).
The group has said it expects substantial improvements in incoming orders and net sales compared to 2013 and also anticipates a reduction in operating expenses of CHF 10 million ($11 million) as of 2015.
On the technology front, Meyer Burger reports that it posted orders for new products including heterojunction equipment, diamond wire and sawing materials and equipment, SmartWire Connection technology and measurement equipment for high efficiency cells.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.