Neoen: stock drops heavily after bond issue
(CercleFinance.com) - Neoen's shares are the biggest faller in the SBF 120 index on Wednesday following the launch of a green bond issue maturing in 2027 for a nominal amount of 300 million euros.
At around 9.40am, the French renewable energy producer's share price were down about 9%, largely underperforming a Paris market that was down just 0.6%.
The net proceeds from the issue - made by way of placement to professional investors alone - are to be used to finance or refinance renewable energy generation or storage projects.
The new bonds will bear interest at an annual rate of between 2.625% and 3.125%, with an expected conversion premium of 30% to 35% over the reference share price.
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