NKT issues green hybrid bonds with 7.24% coupon rate
Cable company NKT has issued EUR 150m worth of green hybrid securities with an coupon rate of 7.24% until the first call date.
The settlement date for the cable company’s securities is Sep. 1, 2022, while the maturity date is July 1, 3022 with a first call date of July 1, 2026, notes NKT Thursday evening.
”We are pleased to successfully complete the issuance of new green hybrid securities with high investor interest supporting our growth ambitions in connecting a greener world with high quality power cables,” says Chief Financial Officer of NKT Line Andrea Fandrup:
”It is an acknowledgment from investors that NKT will continue to be a key player in the growing power cable market in the years ahead.”
The net proceeds from the securities will be used to finance or refinance material assets and operating expenses deemed to have clear sustainable advantages consistent with the NKT’s green finance framework.
NKT had submitted a purchase offer on remaining hybrid bonds at EUR 150m, and upon the expiration of the offer, NKT accepted purchases of EUR 94.3m in total principal of the bonds.
The settlement of the purchase offer will take place on Sep. 1, 2022. Outstanding securities not accepted for purchase by NKT will be redeemed on Sep. 12, 2022, at a call price corresponding to the principal of the securities with accrued interest until the day before the redemption date.
NKT to finance growth aims with new green bonds
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