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Nordex raises €73m to fuel growth

Shares issue will fund market development and new wind turbines

Nordex raises €73m to fuel growth image

Nordex is boosting its coffers by €73.5m as it looks to stimulate growth and support the development of new wind turbines.

The German manufacturer said it has issued 7,352,948 new shares on the Frankfurt Stock Exchange overnight at a placement price of €10 per share.

The company said in a statement: “The new shares have been placed with institutional investors by way of an accelerated bookbuilding.”

The move is backed by Nordex’s anchor shareholders Ventus Venture Fund GmbH & Co Beteiligungs KG and Vermögensverwaltungsgesellschaft.

Nordex said it would undertake “not to issue further new shares or derivatives thereof for a period of 180 days” and the anchor shareholders “undertake not to sell Nordex shares or derivates thereof for a period of 90 days”.

The growth that the company aims to stimulate with the cash will in part be focused on new markets. The funds will also bolster its equity ratio and “allow the partial repayment of debt”.

UniCredit Bank AG, Munich, BNP Paribas, Paris, and HSBC Trinkaus & Burkhardt AG, Dusseldorf, are acting as Joint Bookrunners on the capital increase.

Image: the manufacturer has just unveiled the N131 3000 3MW wind turbine (Nordex)

 

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