Norwegian Scatec Refinances Bridge Facility with 1B NOK in Green Bonds
- Norwegian renewables developer and operator Scatec ASA has placed NOK 1 billion worth of new senior unsecured green bonds to refinance a bridge facility. The move will help to strengthen the company's balance sheet and long-term cash flows.
What happened?
On Friday, Norwegian renewables developer and operator Scatec ASA announced the placing of NOK 1 billion worth of new senior unsecured green bonds for the purpose of refinancing a bridge facility. The bonds have a coupon of 3 months NIBOR plus 660 bps and are due in February 2027. The proceeds from the placing were used to complete the refinancing of a USD-93-million bridge facility that was established in 2021 when the company acquired SN Power.
Why does it matter?
The move is an important development for Scatec, as it will help to strengthen the company's balance sheet and long-term cash flows. The weighted average margin and tenor on Scatec’s group-level debt portfolio now amount to 3.25% and 3.5 years, respectively. This is a positive outcome for the company, as it will help to ensure that it is able to meet its financial obligations and continue to pursue its growth plans.
What's next?
Scatec is now in a much stronger financial position, and is looking to take advantage of this by continuing to pursue its growth plans. The company has recently announced asset sales in South Africa and a revised dividend policy, and is looking to take advantage of the increased financial stability to continue to expand its renewable energy portfolio.
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