SolarWorld to defer interest until maturity on two floaters due 2019

By Susanna Moon

Chicago, Sept. 16 – SolarWorld AG said it will defer paying interest until maturity on two series of its floating-rate notes due 2019, series 1116 and series 1017.

As a result, the principal amount of each series will be increased by the respective interest amount accrued by Sept. 29, according to a company notice.

The spread will be raised retroactively for the respective interest period from June 30 to Sept. 29 to 10% plus the base Euribor rate of at least 1% per year as of Sept. 30, the release noted.

For the series 1116 floaters, the principal amount is €330.40 per notes, including accrued interest of €8.89. For the series 1017 notes, the par amount is €339.68, including €9.14 of interest per note.

The size increase will result in the halt of the bond trading between Sept. 26 and Sept. 30.

The notes were issued in 2014.

March news

The company previously said it would make unscheduled partial bond repayments on March 31, and the amount of each note will be reduced by the amount of the partial repayment.

Holders of the series 1116 notes were to receive €0.44 per note, with €344.94 amount outstanding after partial repayment, and holders of the series 1017 notes were to receive €0.45 per note, leaving €354.63 after partial repayment.

The unscheduled partial repayments were the result of the sale of unused machinery.

SolarWorld is a Bonn, Germany, solar panel maker.

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