Key Developments: Renewable Energy Corp ASA (RNWEY.PK)
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8 May 2013
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Latest Key Developments (Source: Significant Developments)
Renewable Energy Corp ASA Announces Results of Convertible Bonds Repurchase Offer and Private Placement
Renewable Energy Corp ASA announced that the acceptances received in the Convertible Bonds (CB) repurchase offer substantially exceeded the defined maximum nominal amount of EUR 160 million, and the private placement of up to 200 million new shares was oversubscribed. The Board of Directors of the Company has thus resolved to complete (i) the CB repurchase offer for 3,195 convertible bond units with an aggregate nominal amount of EUR 159.75 million with a total cash payment of approximately NOK 779 million and issuance of REC02 and REC03 bonds for an aggregate nominal amount of NOK 426 million (NOK 213 million each); (ii) the private placement with issuance of 200 million new shares at a price of NOK 1.86 per share allocated to subscribers including holders of convertible bond units, existing shareholders and other investors, with gross proceeds of NOK 372 million. Full Article
Renewable Energy Corp ASA Announces Repurchase and Exchange Offer of Bonds
Renewable Energy Corp ASA announced that in order to improve financial position and extend debt maturities the Company has mandated Arctic Securities ASA in connection with a repurchase and exchange offer of bonds in the Company's Subordinated Unsecured Convertible Bond Issue 2009/2014 (ISIN: NO 0010543457) (the convertible bond loan) for a total amount of up to EUR 160 million in principal amount, including interest accrued since the April 4, 2013 interest payment date (the CB repurchase offer). Each bond unit under the convertible bond loan has a nominal value of EUR 50,000 (convertible bond unit) and the minimum application for convertible bondholders who wish to tender their convertible bond units under the exchange offer is 15 convertible bond units, which equals a minimum application amount of EUR 750,000. In conjunction with the CB repurchase offer, the Company's Board of Directors has, on the condition that the CB repurchase offer is completed, resolved to issue up to 200 million new shares in a directed equity issue at a subscription price to be determined through an accelerated bookbuilding exercise (the private placement). The acceptance period for the CB repurchase offer commences at 15:30 CET on May 14, 2013 and expires at 17:30 CET on May 14, 2013, and the application period for the private placement commences at 16:30 CET on May 14, 2013 and expires at 19:00 CET on May 14, 2013. Full Article
Renewable Energy Corp ASA Announces Results of Secondary Sale of Company Shares by Orkla ASA
Renewable Energy Corp ASA (REC) announced that the book-building in the Private Placement has been successfully completed, and Orkla ASA sold on April 30, 2013, a total of 329,569,968 shares in REC, representing 15.6% of the total outstanding share capital of REC, at NOK 1.59 per share. Following the sale, Orkla holds no shares in REC. As a result of the sale, Orkla will book a gain of approximately NOK 158 million in the second quarter. SEB and DNB Markets have acted as joint-lead managers and book-runners for the Private Placement. Full Article
Orkla ASA Contemplates Secondary Sale of Shares in Renewable Energy Corp ASA
Renewable Energy Corp ASA announced that Orkla ASA contemplates a private placement of up to 329,569,968 existing shares in Renewable Energy Corporation ASA (REC). The price per share in the Private Placement will be determined through an accelerated book-building process. The minimum order and allocation has been set to the number of shares that equals an aggregate purchase price of at least the NOK equivalent of EUR 100,000. The book-building period commences on April 30, 2013, at 16:35 CET and may close at any time on short notice. Orkla may complete or terminate the Private Placement at its own discretion. SEB and DNB Markets have been appointed as joint-lead managers and book-runners for the Private Placement. Full Article
Renewable Energy Corp ASA Proposes No Dividend Payment for FY 2012
Renewable Energy Corp ASA announced that its Board of Directors has decided to propose that no dividend should be paid for the fiscal year 2012. Full Article
Renewable Energy Corp ASA's Joint Venture Sells North Star Project to First Solar Inc
Renewable Energy Corp ASA (REC) announced that NorthLight Power, a joint venture 60%-owned by REC and 40% by Summit Power Group, LLC, announced the sale of the 60 MWAC North Star project in Fresno County, California, the United States to First Solar Inc. The sale is in line with the strategy of NorthLight Power, which is to focus on the initial development phase of solar power plants. Terms of the transaction were not disclosed. Construction of the North Star solar power plant is expected to start in 2014 and to be completed in 2015. When fully operational, it will produce enough clean, renewable electricity to power over 21,000 average California homes while displacing approximately 39,000 metric tons of carbon dioxide (CO2) per year. The North Star project is located near the city of Mendota and has a 20-year power purchase agreement with Pacific Gas and Electric Company. Full Article
Renewable Energy Corp ASA Amends Terms if Bank Credit Facilities
Renewable Energy Corp ASA (REC) announced that on March 22, 2013, it reached an agreement with its lending banks to amend the terms of its bank credit facility. Effectiveness of the new terms is subject to finalization of the contract documents and customary closing conditions. The credit facility is currently undrawn and REC held cash and cash equivalents of NOK 1.9 billion at the end of 2012. The NOK 2 billion credit facility will be reduced to a NOK 400 million revolving facility and a new guarantee facility of additional NOK 400 million. Loans under the credit facility mature in April 2014, and issuance of guarantees must be made before maturity. The covenants in the revolving credit facility and indemnification loans will be amended and there will be no measurement of EBITDA and leverage ratio until the end of 2013. Full Article
SEB Sells 200 Million Shares in Renewable Energy Corp ASA on Behalf of Orkla ASA-Reuters
Reuters reported that SEB has sold 200,000,000 shares in Renewable Energy Corp ASA (REC) at NOK 1.25 per share on behalf of Orkla ASA. Following the sale, SEB and close associates holds 26,343,998 shares in REC, equaling 1.25% of the share capital and votes in the company. Full Article
Renewable Energy Corp ASA Announces Completion of Sale of Company's Shares by Skandinaviska Enskilda Banken AB
Renewable Energy Corp ASA announced, with reference to the announcement from March 19, 2013 regarding a contemplated private placement of 200,000,000 existing shares in Renewable Energy Corporation ASA (REC) by Skandinaviska Enskilda Banken AB (publ) (SEB), that the book-building in the private placement has been successfully completed, and SEB has on March 20, 2013 sold 200,000,000 shares in REC at NOK 1.25 per share. Following the sale, SEB and close associates holds 26,343,998 shares in REC, equaling 1.25% of the share capital and votes in REC. SEB has acted as sole manager and book-runner for the private placement. Full Article
Renewable Energy Corp ASA Announces Contemplated Secondary Sale of Company's Shares by Skandinaviska Enskilda Banken AB (publ)
Renewable Energy Corp ASA (REC) announced that Skandinaviska Enskilda Banken AB (publ) (SEB) contemplates a private placement of 200,000,000 existing shares in REC held by SEB (the private placement). The price per share in the private placement will be determined through an accelerated book-building process. The minimum order and allocation has been set to the number of shares that equals an aggregate purchase price of at least the NOK equivalent of EUR 100,000. The book-building period commences on March 19, 2013, at 16:35 CET and may close at any time on short notice. SEB may complete or terminate the private placement at its own discretion. SEB is acting as sole manager and book-runner for the private placement. The background for the private placement is that on September 26, 2012, SEB acquired and entered into a six month total return swap agreement with exposure to 200,000,000 shares in REC. Orkla ASA, primary insider in REC and counterparty to the total return swap agreement, has on March 19, 2013 sent a notice of early termination of the total return swap agreement conditional upon the successful completion of the private placement. The contemplated private placement relates to an unwinding of SEB's hedge position in relation to the total return swap. Full Article
UPDATE 3-NORDIC STOCKS - Factors to watch on April 24
HELSINKI, April 24 - The following stocks may be affected by newspaper reports and other factors on Wednesday:
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