Greenvolt will receive 200 million euros from Kohlberg Kravis Roberts (KKR), through a convertible bond loan. That is, KKR could become a shareholder in Greenvolt, if the bonds are converted into shares.
The bond issue has a value of 200 million euros, with a maturity of seven years, as announced by the company directed by Manso Neto. But the conversion into shares could happen within three years.
“Greenvolt – Energias Renováveis and a global infrastructure fund managed by KKR reached an agreement for the subscription by the KKR investment fund of a bond issue of 200 million euros, convertible into shares,” it said in a statement. . According to the same note, this investment will allow a “faster growth” of Greenvolt, further promoting new business opportunities.
The issuance of bonds convertible into shares is subject to the approval of the general shareholders’ meeting, which is held on May 31.
“This is an extremely important operation for Greenvolt, since we see in KKR not only an investor, who recognizes the company’s potential, but also a partner, who believes in the strategy that we have defined, at the same time that he will do it. possible. further accelerate the fulfillment of the commitments assumed”, said, quoted in the same note, the executive president of Greenvolt, João Manso Neto.
The bonds that are not admitted to trading on Euronext Lisboa have an annual interest rate of 4.75%.
The bonds have a seven-year maturity and there is an opportunity to convert them into Greenvolt common shares after three years.
The conversion of the bonds into shares will cost 10 euros, incorporating a premium of around 25% over the weighted average price of Greenvolt’s shares in the 47 days prior to the signing of the agreement.
“We are very excited to be part of this partnership that will support the value creation strategy in the renewable energy segment, delivering 100% green energy through multiple technologies in different geographies. We see a great opportunity for Greenvolt in biomass, large-scale wind and solar energy and distributed generation and this investment is in line with KKR’s commitment to take new steps towards the important energy transition”, considered, in turn, the partner of KKR, investment firm, Vincent Policard.
KKR is a “world-leading investment firm offering alternative asset management, as well as insurance and capital markets solutions,” Greenvolt explains.
Source: Observadora
