Photon Energy NV announced on 12 March 2018 that it has repaidits 8% EUR corporate bond 2013/18, successfully closing thelife-cycle of its bond market debut.
Photon Energy NV, listed on the NewConnect market of the WarsawStock Exchange and on the Free Market of the Prague Stock Exchange(ISIN: NL0010391108), today repaid the outstanding nominal of EUR6.553 million of its 8% EUR corporate bond 2013/18 (ISIN:DE000A1HELE2) at the end of the five-year term in accordance withthe bond conditions. The repayment was made together with the lastinterest payment to the bondholders.
In October 2017 Photon Energy NV launched an exchange offer toholders of the now repaid bond as well as a public offer inGermany, Austria and Luxembourg of its follow-on 5-year 7.75% EURcorporate bond 2017/22 (ISIN: DE000A19MFH4), which is traded on theOpen Market of the Frankfurt Stock Exchange. To date, Photon EnergyNV placed EUR 8.013 million of the total approved volume of EUR 30million. The bond can still be subscribed to via the company’swebpage www.photonenergy.com.
“Thanks to our revenue growth, improving earnings and thecommencing monetization of our large-scale PV project pipeline inAustralia we were able to repay the bond using available equity.The repayment is a strong signal demonstrating our ability to meetour obligations and generate attractive investment returns and weare keen to continue doing so on the back of our company’s growthplans during the coming years,” comments Georg Hotar,CEO of Photon Energy NV.
With the bond repayment Photon Energy has materiallystrengthened its balance sheet by extending the term structure ofthe vast majority of holding-level financial debt to 2022 andbeyond, laying strong foundations for the planned significantexpansion of the company’s proprietary portfolio of PV power plantsin Australia and Hungary.
“Today's repayment means that we have passed the litmustest for any issuer, the full repayment of our first bond issue,down to the dot. In the face of a string of bankruptcies in ourindustry in recent years, we have proven that a solar company witha well-balanced diversified business model can be a reliable bondissuer and are looking forward to expanding our successful presenceon the capital market,” added Clemens Wohlmuth, CFO ofPhoton Energy NV.
Photon Energy NV had issued the corporate bond in a public offerin March 2013 with a term of five years, a fixed interest rate of8% p.a. and was one of the first issuers on the German capitalmarket to offer quarterly coupon payments. The minimum investmentof EUR 1,000 made the bond attractive for retail investors.
Anastasia Hotar
T +420 775 861 732
E anastasia.hotar@photonenergy.com