Scatec approved to add call to floaters due 2018, to repay on Nov. 23

New York, Nov. 6 – Scatec Solar ASA said it received the requested consents to add a call option to its NOK 500 million floating-rate senior green bond issue 2015/2018 and that it has exercised the option to redeem the notes, according to two company announcements.

The bonds will be repaid on Nov. 23 at 104.25% of par plus accrued interest.

As announced on Oct. 23, Scatec had been asking for holder approval to add the option to the notes with settlement sometime after Nov. 17.

Holders who sent voting instructions in favor of the amendments before the early consent time of 6 a.m. ET on Oct. 30 will receive an early consent fee of 0.5%, or a total amount of 104.75, as well as priority in the allocation of new bonds.

The early consent fee will not be given to those who vote in person or represented by proxy at the bondholders’ meeting.

The consent deadline was 10 a.m. ET on Nov. 2.

A bondholder meeting was held on Nov. 6 in Oslo at which Scatec received approval.

Scatec said it is considering issuing new bonds in conjunction with the call, and holders who subscribe for bonds in the new issue in addition to participating in the consent solicitation may receive priority in the allocation of the new issue.

The company priced NOK 750 million of senior green bonds due November 2021 with a coupon of Nibor plus 475 basis points on Oct. 31.

The solicitation agents are Nordea Bank AB (publ) (+45 6161 2996 or nordealiabilitymanagement@nordea.com) and Swedbank Norge (+46 8 700 90 22 or casper.bangstad@swedbank.se). The consent solicitation paying agent is Nordea Bank AB (publ) (issuersecustodian@nordea.com).

Oslo-based Scatec builds, owns, operates and maintains solar power plants.

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