Renewable Energy Corporation ASA (REC): Contemplating new bondissue
Renewable Energy Corporation ASA (REC) is contemplating the issue of new senior, unsecured bonds in the Norwegian market with tenors of 5 and 7 years respectively. In connection with this bond offering REC intends to offer a partial and conditional buy-back offer of outstanding bonds under REC01. The purpose of the bond issue is to extend the maturity profile of REC's debt, and the net proceeds will be used for general corporate purposes.
Furthermore REC has in the first quarter repaid and cancelled debt facilities with maturity in 2013 totalling NOK 2.3 billion.
DnB NOR Markets, Nordea Markets, and SEB Merchant Banking have been appointed as advisors to this transaction.
For further information, please contact:
DnB NOR Markets + 47 22 01 77 89
Nordea Markets + 47 22 48 77 82
SEB + 47 22 82 72 58
Mikkel Tørud, VP & IRO +47 97 69 91 44
REC is a leading vertically integrated player in the solar energy industry. REC is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules. REC is also engaged in project development activities in selected PV segments. Founded in Norway, REC is an international solar company, employing more than 4,200 people worldwide. REC had revenues close to NOK 14 billion in 2010. Please visit www.recgroup.com to learn more about REC.