Nordex Issues First Promissory Note Worth EUR 550 Million

Posted by Lauren Tyler on March 31, 2016 No Comments
Categories : New & Noteworthy

The Nordex Group has successfully placed a Schuldschein, or promissory note, worth EUR 550 million with national and international investors comprising Bayerische Landesbank, BNP Paribas, Commerzbank, HSBC and UniCredit.

Nordex will be using the proceeds of the issue primarily to finance the acquisition of Acciona Windpower. Additionally, part of the proceeds will be used to repay the corporate bond maturing in April.

Nordex says it is widening its debt capital portfolio with the issue of the world’s first green Schuldschein. The Climate Bond Standard Executive Board has confirmed that the proceeds were being used solely for purposes with a positive impact on climate and environmental protection. Previously, only conventional “green” bonds had received this certification.

Just under one-half of the funds raised were provided by German investors, particularly savings and cooperative banks. More than 50% of the proceeds came from international investors.

“Thanks to the strong demand, it was possible to more than double the originally planned volume of the Schuldschein,” says Antonio Keglevich, head of Green Bond Origination at UniCredit Bank. “In addition to its solid balance-sheet structure, Nordex’s sustainable and stable business model met with great interest. This applies equally to conventional and ESG investors.”

The bonded loan is being issued in tranches of three, five, seven and 10 years with fixed or variable coupons. Depending on the tranche, the coupon on the issue date is between 1.5% and 3.0%.

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