PNE WIND AG (FRA:PNE3) PNE AG: Subscription period for the new bond 2022/2027 starts today

Directive transparence : information réglementée

07/06/2022 14:31

DGAP-News: PNE AG / Key word(s): Bond/Financing
PNE AG: Subscription period for the new bond 2022/2027 starts today

07.06.2022 / 14:31
The issuer is solely responsible for the content of this announcement.

PNE AG: Subscription period for the new bond 2022/2027 starts today

- Target volume of euro 50 million and a term of 5 years

- Subscription opportunity expected to last until June 15 (2:00 p.m.) 2022

- Exchange offer to holders of the 2018/2023 bond and public offer

- Coupon range for pricing from 4.500 to 5.250%

- Improving the financing structure and financing further growth


Cuxhaven, June 7, 2022 - At PNE AG, a leading international developer and operator of renewable energy power plants with a listing in the Prime Standard of the German Stock Exchange, the subscription period for the new corporate bond 2022/2027 (ISIN DE000A30VJW3) with a target volume of EUR 50 million (with an option to increase), a five-year term and a coupon of between 4.500-5.250% starts today. Subscription is possible from a nominal amount of euro 1,000.00 until June 15, 2022, 2:00 p.m. (CEST) – subject to early closing – via banks and online brokers on the Frankfurt Stock Exchange.

The final interest rate and total nominal amount of the new 2022/2027 bonds are expected to be determined on June 15, 2022 based on the subscription orders received in the offer and will be published in an interest rate and volume fixing announcement. A listing in the Open Market (Freiverkehr) of the Frankfurt Stock Exchange (Quotation Board) is planned for June 23, 2022.

From May 23, 2022 until June 13, 2022 (10:00 a.m. CEST), holders of the PNE bond 2018/2023 have the opportunity to exchange their bonds for the new bond 2022/2027 and to purchase additional units of the new bond via a multiple purchase option.

Markus Lesser, Chairman of the Board of Management of PNE AG, summarises the discussions to date: "Despite the challenging market environment, we received very positive feedback from our existing investors and institutional investors during the roadshow. In particular, they appreciate the good secondary market performance of the previous bond and our reputation as a reliable and transparent bond issuer. By expanding our business model to include power generation through the development of our own portfolio, we are also stabilising our cash flows, making our business even more stable and predictable."

The main objective of this measure is the early refinancing of the 2018/2023 bonds due on May 2, 2023. In addition, the proceeds serve to finance the organic and inorganic growth of PNE AG.

2022/2027 bond key data

Issuer: PNE AG
Target volume: euro 50,000,000 (with option to increase)
Coupon: coupon within coupon range 4.500% to 5.250%, determination of coupon during offer period
Issue price: 100%
Denomination/units: euro 1,000
Period for exchange offer: May 23 to June 13, 2022 (10 a.m. CEST) subject to early closing
Period for multiple-purchase option: May 23 to June 13, 2022 (10 a.m. CEST) subject to early closing
Subscription period: June 7 to June 15, 2022 (2 p.m. CEST) subject to early closing
Value date: June 23, 2022
Term: 5 years
Repayment: at 100 % of the nominal amount
Status: direct, unsecured and unsubordinated
Early repayment: issuer's call right after year 3 at 101% and after year 4 at 100.5% of the nominal amount, tax call, clean-up call
Covenants: change of control, third-party default, negative pledge for capital market liabilities, compliance with minimum equity ratio (adjusted for hidden reserves): <20% (coupon step-up by 0.50% points); for details, please see the bond terms
Stock exchange segment: open market of the Frankfurt Stock Exchange (Quotation Board)
Sole lead manager: IKB Deutsche Industriebank AG

About the PNE Group
The internationally operating PNE Group with its brands PNE and WKN is one of the most experienced project developers of onshore and offshore wind farms. Based on this success, the Group has developed to become a "clean energy solutions provider". From initial site exploration and implementation of approval procedures via financing and turnkey construction to operation and repowering, the Company's services encompass all phases of developing and operating wind farms. In addition to wind energy, the company's range of offers includes photovoltaics, electricity storage, service products and the supply of clean electricity. PNE is also focussing on the development of power-to-X solutions.

Contacts for enquiries

Rainer Heinsohn
Corporate Communications
Phone: +49 (0) 4721 718 453
Fax: +49 (0) 4721 718 373

Christopher Rodler
Investor Relations
Phone: +49 (0) 4087 933 114
Fax: +49 (0) 4721 718 373
Meike Wulfers
Head of Corporate Communications
Phone: +49 (0) 151 559 6867 50
Fax: +49 (0) 4721 718 9351

Disclaimer: This media information does not constitute an offer of securities. Information on the new corporate bond 2022/2027 and the exchange offer is contained in the securities prospectus approved by the Commission de Surveillance du Secteur Financier ("CSSF"), which has been published on the website of PNE AG (https://ir.pne-ag.com/anleihen), the Frankfurt Stock Exchange (www.boerse-frankfurt.de) and the Luxembourg Stock Exchange (www.bourse.lu) after its approval. An investment decision regarding the corporate bond 2022/2027 and the exchange offer may only be made on the basis of the approved securities prospectus. The approval of the securities prospectus by the CSSF does not constitute an endorsement of the issuer and the quality of the corporate bond.

07.06.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: PNE AG
Peter-Henlein-Straße 2-4
27472 Cuxhaven
Phone: 04721 / 718 - 06
Fax: 04721 / 718 - 200
E-mail: info@pne-ag.com
Internet: http://www.pne-ag.com
ISIN: DE000A0JBPG2, DE000A2LQ3M9, , DE000A12UMG0,
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1370243

End of News DGAP News Service

1370243  07.06.2022