The Green Bond of SEK 200m with a four year tenor has a floating rate coupon of STIBOR 3 months + 8.5% and will be issued under a SEK 500m framework. The Green Bond is intended to be listed on Nasdaq Stockholm Sustainable Bond List.
“By issuing our first Green Bond, we will be able to capitalize on our strong business momentum. During the road show we have met bond investors across the Nordics and we are encouraged by the strong interest for our strategy, business model and the interest to financially support Midsummer’s continued efforts to further strengthen our leading position within the rapidly growing market for light weight thin film solar cells”, said Midsummer’s CEO Sven Lindström.
Midsummer has a clear sustainability profile and sustainability is a natural and integrated part of the company’s business. The proceeds from the Green Bond will be used to finance (i) production and distribution of solar panels and solar cells; (ii) production of solar panel manufacturing equipment; and (iii) research and development of solar panels, solar cells and solar panel manufacturing equipment.
Midsummer’s Green Framework has been drawn up in accordance with ICMA’s Green Bond Guidelines and was examined by Sustainalytics.
DNB Markets and Nordea have acted as joint structuring advisors for the Green Bond Framework and joint bookrunners for the transaction. Mannheimer Swartling acted as legal counsel.