About the bond

Terms and conditions

Issuer Photon Energy N.V.
Planned issue volume Up to EUR 30 Mio.
Coupon 7.75% p.a., quarterly payment
Initial offering 27. 10. 2017
Placement / Segment Public offer in Germany, Austria and Luxembourg
Private placement in other EU countries
Secondary market: traded on Open Market of the Frankfurt Stock Exchange since 27. 10. 2017
Paying Agent Bankhaus Neelmeyer AG*
Covenants
  • Dividend restriction (no dividend first 2 years, after max 50% if EBITDA/ICR >2)
  • Pari passu – Equal seniority of existing and future unsecured claims
  • Cross default
  • Negative pledge
  • Change of Control-Clause
  • Equity ratio must always be at least 25%**

** Subject to current legal framework requirements. The sum of interest-bearing debt capital and equity capital are used as total capital to determine the Equity ratio.

Denomination EUR 1,000
Term / Redemption Five years: 26. 10. 2022 / 27. 10. 2022 at par
ISIN DE 000A19MFH4
Use of proceeds Refinancing of outstanding bonds (ISIN DE000A1HELE2).
Remaining proceeds will be invested with focus on Australia and Hungary.

* Since 19 February 2018 changed to Bankhaus Neelmeyer AG from Dero Bank AG on which BaFin ordered a moratorium on 8 February 2018.

Interim result of the placement as of 6 August 2018: The total subscription amounts to EUR 22,346,000.00.
The public offer will end on 20 September 2018.

Reasons for issuing

  • Offer to EU investors as new or follow-up investments
  • Flexibility and financing power for entering new markets:
    • Expanding proprietary portfolio of power plants
    • Securing country-specific subsidies in time

Use of proceeds

  • Refinancing of outstanding bond 2013/2018 (ISIN DE000A1HELE2) 
  • Remaining proceeds of the issue will be invested with focus on Australia and Hungary:
    • Large-scale projects in Australia under development for own proprietary portfolio (currently 2 projects totalling 48.9 MWp)
    • Financing of first projects in Hungary (currently project pipeline 25.6 MWp, fast growing)

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