Norwegian renewables firm Scatec Solar has moved quickly to start repaying the costs of its proposed acquisition of state-owned hydropower company SN Power.
A private shares issue yesterday raised around NOK4.75 billion ($515 million), of which $300 million has been earmarked for paying down 12-month acquisition funding of $700 million provided by Northern European banking group Nordea, Oslo-based lender DNB, French giant BNP Paribas and Stockholm-based Swedbank.
Scatec CEO Raymond Carlsen was set to subscribe for NOK20 million ($2.17 million) in the fundraising exercise, according to a press release issued by the Norwegian company to announce the move.
The private placing saw stock amounting to around 15% of Scatec issued for NOK230 per share.
With 6.9 million of the 20.7 million shares placed borrowed from Scatec AS, an extraordinary general meeting will be held by the company on November 12 to seek shareholder permission to reissue the value of the borrowed stock. The meeting will also consider a proposal to further increase the company's share capital with up to 2.07 million of new stock – around 1.3% of the total – for a ‘repair offering' at NOK230 per share for shareholders locked out of yesterday's private placing.
The Scatec Solar board will also ask for the right to issue up to a further 10% of new stock up to the end of June and will seek to rebrand the company ‘Scatec'.
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