Encavis increases equity through bonds

The Hamburg, Germany-based solar and wind power plant operator Encavis AG issued a convertible bond in the amount of €53 million ($59 million) through its subsidiary Encavis Finance B.V. last week. The company had already issued such indefinite and subordinated bonds with temporary conversion rights into ordinary bearer shares in September 2017 and acquired €97.3 million ($107.4 million). The new bonds will be consolidated with the original bonds to form a single issue (ISIN DE000A19NPE8).
With the new bonds, which were placed within one day »with institutional investors in selected European countries«, the company now has around €60 million ($66 million) additional liquidity available, including €7.55 million premium, according to the company. In total, the Group's »financial firepower« has increased to around €170 million ($189 million).
Encavis’ share price fell from €8.29 (close on 4 September) to €7.70 (opening on 5 September) as a result of the capital increase, but rose again to around €7.89 by the close of trading on Friday.
© PHOTON

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