The current owners of Senvion SA, Centerbridge and Arpwood, have set the final offer price for Senvion shares at EUR 15.75 per share. The Senvion shares will be traded on the regulated market of the Frankfurt Stock Exchange under the trading symbol SEN and the International Securities Identification Number LU1377527517 from March 23. Senvion recently decided to re-launch private placement after ending an earlier effort.
A total of 18,687,500 shares were placed with investors in the private placement, including 16,250,000 base shares from the holdings of the existing shareholders and an additional 2,437,500 shares, also from the holdings of the current owners, of over-allotments.
In order to cover over-allotments, the selling shareholders have granted the underwriters an option to purchase up to 2,437,500 shares in addition to the base shares at the offer price of the “Greenshoe Option.” Centerbridge and Arpwood will together retain a stake of approximately 71.25% of the company’s share capital, assuming full exercise of the Greenshoe Option. The total offer volume, including over-allotments, amounts to about EUR 294 million and equates to a market capitalization of EUR 1.02 billion for Senvion.
Centerbridge and Arpwood have agreed to a lock-up period of six months, commencing on March 7 and ending six months after the closing of the private placement. Under the lock-up agreement, the pre-placement shareholders cannot sell their Senvion shares during the lock-up period without the consent of the majority of the joint global coordinators. Senvion management has also committed to a lock-up period commencing on March 7 and ending six months after the closing of the private placement.
Deutsche Bank, J.P. Morgan and Citigroup are acting as joint global coordinators and joint bookrunners. Bank of America Merrill Lynch, Barclays, Berenberg and Morgan Stanley are acting as joint bookrunners and Raiffeisen Bank International and Banco Santander are acting as co-managers. Rothschild is acting as financial advisor to Senvion.