Successful EUR 200M Capital Increase Supports Long Term Growth Path

Source: www.gulfoilandgas.com 12/3/2020, Location: Europe

Nordex SE (ISIN DE000A0D6554) issued around 10.7 million new shares in an accelerated bookbuilding process excluding subscription rights. The capital increase was carried out by way of an international private placement exclusively with institutional investors and was significantly oversubscribed. The new shares were issued at a price of EUR 18.90, resulting in gross issue proceeds of approx. EUR 200 million. BNP Paribas, Paris, HSBC Trinkhaus & Burkhardt AG, Dusseldorf, and UniCredit AG, Munich, served as Joint Bookrunners of this capital increase.

The inflow of funds will further support Nordex Group’s growth path and strategic targets for 2022, strengthen its balance sheet and serve general corporate purposes. On the back of a continuously strong order book totalling EUR 7.9 billion as of 30 September 2020 (projects and service segments combined) the business is expected to enhance profitability going forward with an improving mix of changeover to the most recent product series with inherently better margins also driven by its continued supply chain transformation. The expansion of production capacities in India to four Gigawatts is central to further increasing competitiveness and bolstering the group’s leading global market position. This goes hand in hand with the further development of the supply chain for the highly competitive Delta4000-turbines which see consistently high demand and a good market positioning.

This successful transaction concludes the financial measures taken in 2020: After extending its guarantee lines for the projects business in April, the company secured in August a state-backed revolving credit facility of EUR 350 million helping to protect the company against the effects of the covid-19 pandemic on its operating business of which EUR 100 million have already been repaid. In this context, Nordex Group also made binding agreements for the refinancing of promissory notes due in April 2021. In addition, the sale of the European project development business to RWE for a gross amount of around EUR 400 million also had a positive effect. Thus, the Nordex Group has a strong financial structure in the medium term.

“We are very pleased about the support and the trust of our investors. This capital increase will provide significant additional support to our company as we expand our production capacities in India, for our global markets, in order to further increase competitiveness. At the same time, we strengthen our balance sheet, to pave the way for our profitable growth path and are well equipped for further development of the company,” says José Luis Blanco, CEO of the Nordex Group.


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