PARIS, April 24 French wind farm operator Theolia said it was looking at several options to refinance a 126 million euro ($174.2 million) convertible bond, which it would be unable to cover in full at the next repayment date.
Theolia said in a statement on Thursday that if all the holders of its outstanding convertible bonds were to ask for early repayment by Jan. 1, 2015, which it sees as highly likely, it would not be able to pay this entire amount under current circumstances.
Theolia, which has a market cap of 84 million euros, is working on several scenarios including a capital increase; issuing new longer-dated debt; renegotiating the terms of its convertible bond; selling assets; or being subject to a takeover offer.
The company said it was in talks with its main bondholders to find a solution that would enable it to continue as a going concern after Jan. 1 but added it could not guarantee it would be able to achieve this before the year-end deadline. ($1 = 0.7231 Euros) (Reporting by Geert De Clercq; editing by Jane Baird)