European Energy plans €50 million to €75 million secured notes

By Paul Deckelman

New York, June 19 – European Energy A/S plans to sell between €50 million and €75 million of new senior secured notes, high-yield syndicate sources said on Monday.

They said that the Soborg, Denmark-based wind- and solar-energy producer would sell the notes through Carnegie Investment Bank AB and Nordea Bank AB, which would begin holding fixed-income investor meetings on Tuesday.

The new-deal proceeds would be used to fund the redemption of the company’s €45 million of senior unsecured callable floating-rate bonds due 2018 at a redemption price of 102 plus accrued interest.

Holders of the existing 2018 paper would receive priority in the allocation of the new notes on a 1-to-1 basis.

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