Scatec places NOK 1bn of green bonds to refinance bridge facility

Norwegian renewables developer and operator Scatec ASA (OSL:SSO) on Friday announced the placing of NOK 1 billion (USD 98.4m/EUR 92.2m) worth of new senior unsecured green bonds for the purpose of refinancing a bridge facility.

The bonds are due in February 2027 and will have a coupon of 3 months NIBOR plus 660 bps. With them included, the weighted average margin and tenor on Scatec’s group-level debt portfolio now amount to 3.25% and 3.5 years, respectively.

Scatec said it has used the proceeds from the placing to complete the refinancing of a USD-93-million bridge facility that was established in 2021 when the company acquired SN Power.

“Our growing asset portfolio is generating solid long-term cash flows and we are pleased to see continued strong support from our relationship banks and the bond market. We have furthermore strengthened our balance sheet through the recently announced asset sale in South Africa and a revised dividend policy,” commented CEO Terje Pilskog.

DNB Markets, Nordea and Sparebank 1 Markets served as Joint Lead Managers in connection with the placement.

(NOK 10 = USD 0.984/EUR 0.922)

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