GREENVOLT - ENERGIAS RENOVÁVEIS, S.A. Greenvolt - Energias Renováveis and a global infrastructure fund managed by KKR reached an agreement for the subscription by KKR's fund of a bond issue in the amount of €200 million convertible into Greenvolt's shares.
This issuance of bonds convertible into shares is subject to approval by Greenvolt's shareholders at the annual general meeting to be held on May 31st. At the time of signing this agreement, shareholders representing the majority of the capital announced their commitment to this operation, voting in favour of the terms, as well as supporting the appointment of an additional non-executive member of the board of directors of Greenvolt.
The Greenvolt bonds to be subscribed by KKR's global infrastructure fund, which will not be admitted to trading on Euronext Lisbon, have an annual interest rate of 4.75%. The maturity of these bonds is 7 years, with the possibility of conversion into Greenvolt common shares on the third anniversary of the issue date.
The conversion price of these bonds into shares was set at €10,00, a value that implies a premium of c.25% over the volume weighted average price of Greenvolt's common stock on the Euronext Lisbon in the 47 days preceding the agreement. At the defined conversion value, Greenvolt is valued at €1.39 billion.
The terms agreed with KKR's global infrastructure fund for this operation, a financial entity with a strong and consistent track record in terms of returns, reflect the recognition of Greenvolt's appreciation potential, both for the pipeline of renewable energy projects and for the opportunities that are foreseen for the future.
"This is an extremely important operation for Greenvolt, as we see in KKR not only an investor, who recognizes the company's potential, but also a strategic partner, who believes in the strategy we have defined, at the same time as it will make it possible to accelerate further the fulfilment of the assumed commitments", says João Manso Neto, CEO of Greenvolt. "I am certain that it will be a strategic partnership that will generate new growth opportunities that will maximize Greenvolt's value", he adds.
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Greenvolt Energias Renovaveis SA published this content on 20 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2023 07:10:07 UTC.
