By Jennifer Chiou
New York, March 28 - Etrion Corp. announced that it closed on €80 million of 8% secured bonds due April 2019 in the Norwegian bond market.
Net proceeds will be used to refinance the company's existing €60 million 9% corporate bond due April 2015, according to a news release. Remaining proceeds will go towards general corporate purposes.
"We are very pleased once again with the strong interest shown by the Scandinavian capital markets," chief executive officer Marco A. Northland said in the release.
"This bond issue allows us to refinance our existing corporate bond with a larger amount on a longer maturity at a lower interest rate. The incremental proceeds after the refinancing will be used to advance our project pipeline in Chile and Japan."
ABG Sundal Collier, Pareto Securities and Swedbank acted as joint lead managers for the issue.
Etrion is a Geneva, Sweden-based a solar independent power producer.
| Issuer: | Etrion Corp.
|
| Issue: | Secured bonds
|
| Amount: | €80 million
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| Maturity: | April 2019
|
| Coupon: | 8%
|
| Managers: | ABG Sundal Collier, Pareto Securities and Swedbank
|
| Announcement date: | March 28
|
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