SIAG Schaaf to issue EUR 50m bond to finance growth in offshore wind

(ADPnews) - Jun 28, 2011 - German power industry supplier SIAG Schaaf Industrie AG said on Monday it will issue a bond with a volume of up to EUR 50 million (USD 71.6m) in a drive to accelerate its growth in offshore wind power.

The debt will bear an annual coupon of 9% and mature in five years. The subscription period started yesterday and ends on July 8. IKB Deutsche Industriebank has been appointed sole lead manager of the issue.

Bond creditors will have the right to annul the bond purchase if SIAG breaches its financial covenants.

SIAG made its debut in the wind energy industry 15 years ago. At present, it provides steel components for both onshore and offshore wind parks.

The wind power industry is currently in an upswing, the company said. SIAG had orders on hand worth EUR 182 million in the offshore segment and EUR 71 million in the onshore segment as of April 30, 2011.

(EUR 1.0 = USD 1.432)

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