Meyer Burger issues EUR 216m green bond to fund production expansion
- Swiss solar supplier Meyer Burger Technology AG (SWX: MBTN) has placed green elderly unprotected guaranteed convertible bonds of EUR 216.3 million (USD 236.41 m) to finance the growth of its manufacturing capacity.
The notes were issued by Meyer Burger's German subsidiary MBT Systems GmbH, the Swiss company said on Wednesday.
The bonds birth a promo code of 3.75% per annum and are due in 2029. The underlying shares are newly issued or existing Meyer Burger show a nominal value of CHF 0.05 each. The preliminary conversion price is set at EUR 0.6953, implying a 27.5% costs above the reference share rate.
The settlement is set up to occur on or around May 17.
The proceeds will be purchased material as well as devices sourcing and also the ramp-up of module and also cell production. The Swiss supplier said in March that its annual module production capacity in Goodyear, Arizona in the United States will certainly be increased from 1.6 GW to 2 GW. An increase in cell production capacity at the German sites is additionally prepared.