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Encavis issues €53M of hybrid bonds to finance new solar, wind investments

Encavis AG, through its Encavis Finance BV subsidiary, has issued €53 million of hybrid convertible bonds to finance new investments in solar and wind parks and for general corporate purposes.

The bonds were issued at 114.25% of their principal amount to institutional investors in selected European countries, according to a Sept. 5 news release.

At settlement on Sept. 13, the new bonds will be consolidated with the company's original bonds, totaling €97.3 million and issued on Sept. 13, 2017. Including the €7.6 million premium, Encavis has raised an additional €60 million in free liquidity and increased its financial firepower to around €170 million.

"Encavis is thus ideally equipped for further strategic growth in the promising market of long-term private-sector power purchase agreements," Encavis CFO Christoph Husmann said.

Jefferies International Ltd. acted as sole global coordinator and sole bookrunner on the transaction.