PRESS RELEASE: Heliocentris Energy Solutions AG: Heliocentris Energy Solutions AG successfully places convertible bond …
PRESS RELEASE: Heliocentris Energy Solutions AG: Heliocentris Energy Solutions AG successfully places convertible bond of 3.9 Mio. EUR and provides outlook for 2013 and 2014
DGAP-News: Heliocentris Energy Solutions AG / Key word(s): Miscellaneous Heliocentris Energy Solutions AG: Heliocentris Energy Solutions AG successfully places convertible bond of 3.9 Mio. EUR and provides outlook for 2013 and 2014
24.01.2014 / 16:29
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Heliocentris Energy Solutions AG successfully places convertible bond of 3.9 Mio. EUR and provides outlook for 2013 and 2014
* 3.9 Mio. EUR convertible bond successfully placed * Coupon fixed with 4%, issue price 90%, conversion price 8 EUR / share a 35% strike premium to current share price, maturity until 2017 * Revenue in 2013 below expectation due to longer than expected sales cycles * Outlook for 2014 remains strong with strong imminent pipeline and more than 20 Mio. EUR revenue with break even during second half of the year * New CFO to come on board in Q2 / 2014
Berlin - 24 January 2014: Heliocentris Energy Solutions AG has successfully placed convertible bonds with an aggregate nominal value of 3.9 Mio. EUR, with a maturity of three years and a coupon of 4 % p.a., payable semi-annual. The issue price has been set at 90% and the conversion price of 8 EUR contains a premium of approx. 35 % to current share price. Accordingly, the convertible bonds grant a right of conversion into up to 491,125 registered shares of Heliocentris anytime.
The convertible bonds have been placed by means of a private placement among existing shareholders and selected strategic partners of the company. The subscription rights of the shareholders have been excluded. A public offering has not been conducted.
Bankhaus Gebr. Martin AG will act as Conversion Agent, Paying Agent and Lang & Schwarz Broker GmbH as Calculation Agent for the convertible bond. It is intended to list the convertible bonds in the open market of a German securities exchange shortly.
Heliocentris intends to use the proceeds from this convertible to continue funding the significant growth ahead and cover for the lower than expected revenues in 2013. Besides the financing from the Convertible Bond, Management expects to be able to shift more than 2 Mio. EUR of the financing of working capital from equity to other non-dilutive financing instruments in the first half of 2014.
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