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Nordex Group: Successful EUR 200 Million Capital Increase Supports Long-Term Growth

Hamburg, Germany - On 1 December 2020, Nordex SE issued around 10.7 million new shares in an accelerated bookbuilding process excluding subscription rights. The capital increase was carried out by way of an international private placement exclusively with institutional investors and was significantly oversubscribed.

The new shares were issued at a price of EUR 18.90, resulting in gross issue proceeds of approx. EUR 200 million. BNP Paribas, Paris, HSBC Trinkhaus & Burkhardt AG, Dusseldorf, and UniCredit AG, Munich, served as Joint Bookrunners of this capital increase.

The inflow of funds is to further support Nordex Group’s growth path and strategic targets for 2022, strengthen its balance sheet and serve general corporate purposes. On the back of a continuously strong order book totalling EUR 7.9 billion as of 30 September 2020 (projects and service segments combined) Nordex expects the business to enhance profitability going forward with an improving mix of changeover to the most recent product series with inherently better margins also driven by its continued supply chain transformation.

The expansion of production capacities in India to four Gigawatts is central to further increasing competitiveness and bolstering the group’s leading global market position. This goes hand in hand with the further development of the supply chain for the highly competitive Delta4000-turbines which see consistently high demand and a good market positioning.

According to Nordex, this successful transaction concludes the financial measures taken in 2020: After extending its guarantee lines for the projects business in April, the company secured in August a state-backed revolving credit facility of EUR 350 million helping to protect the company against the effects of the covid-19 pandemic on its operating business of which EUR 100 million have already been repaid. In this context, Nordex Group also made binding agreements for the refinancing of promissory notes due in April 2021. In addition, the sale of the European project development business to RWE for a gross amount of around EUR 400 million also had a positive effect. Thus, the Nordex Group has a strong financial structure in the medium term, the company points out.

After rising to EUR 19.05 in today's trading, Nordex stock, which is listed in the global RENIXX World index, is currently at EUR 18.74 (2020-12-03, 12:00 noon, Stuttgart Stock Exchange), thus returning to the closing price niveau of the previous day. Since the beginning of November 2020, Nordex stock has climbed from around EUR 13 to around EUR 20.



Source: IWR Online, 03 Dec 2020

 


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