PNE Raises EUR 33.7 Million to Expand Its Offshore Wind Activities (Germany)

The wind farm project developer, PNE WIND AG, has successfully issued a second tranche of its 8.0% corporate bond issue 2013/2018 to top-up its corporate bond within the scope of a private placement.

Bonds with a total nominal value amounting to approx. EUR 33.7 million were subscribed by institutional investors. With this top-up, the maximum possible bond volume of EUR 100 million has now been reached.

The additional bonds will be included with the existing corporate bond issue in the Regulated Market of the Frankfurt stock exchange on Thursday, September 19, 2013. With the total bond volume of EUR 100.0 million now reached, the bonds are to be included in the Prime Standard segment for company bonds.

PNE WIND AG will use the proceeds from the second tranche of the bond issue, which amounts (before costs of the emission) to approx. EUR 33.7 million, to expand its activities in offshore wind farm projects and to strengthen its portfolio of national and international onshore projects.

Martin Billhardt, Chairman of the Board of Directors of PNE WIND AG, comments: “The additional funds provided by the bonds give us greater flexibility to expand our project development business. We can therefore strengthen our position in the development of offshore wind farm projects as well as in the development of onshore projects where we are planning to complete wind farms in Germany with a total nominal output of approx. 189 MW in the short term. These wind farms involve significant upfront investments.”

The top-up of the corporate bond was accompanied by Close Brothers Seydler Bank AG, as Lead Manager and Sole Bookrunner.

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Press release, September 16, 2013; Image: PNE