Etrion Corporation has committed to buying back €40 million in bonds from its bondholders, with offers up to and including the par value plus accrued and unpaid interest. The settlement of purchases will take place on December 21.
“The company is pleased with the response from our bondholders and outcome of this initiative,” stated Etrion Chief Financial Officer Paul Rapisarda. “It will enable us to materially reduce our corporate debt and related interest expenses, while maintaining a strong cash balance to support our continued growth in Japan.”
Upon close of this transaction, Etrion will still have another €40 million in bonds, and its annual interest expenses will be reduced by 50%.
Etrion posted its second consecutive quarter of positive results in Q3. The company is also shedding some of its Italian investments, and sold off 53 MW of PV plants in the nation a week ago.
Etrion currently owns PV plants in Italy, Chile and Japan.