PNE Wind lowers debt via convertible bond

Aug 7, 2013 - German wind park developer PNE Wind AG (ETR:PNE3) announced Wednesday that it managed to reduce its debt by nearly EUR 16.9 million (USD 22.4m) thanks to the conversion of bond notes into equity.

Apart from the debt reduction, the conversion led to a cut of future interest payments of some EUR 1.5 million due by the end of 2014.

The company said that buy-out firm Volker Friedrichsen Beteiligungs GmbH swapped 168,680 convertible bond notes for around 7.7 million shares. After the conversion, the investor holds approximately 20% in PNE Wind, while its shareholding stood at 6.6% beforehand.

The conversion took place in line with the purchase agreement for 53.42% of German peer WKN AG from Volker Friedrichsen Beteiligungs GmbH.

(EUR 1=USD 1.328)

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