The Board of Directors of GEK TERNA announced today that the proceeds of the Public Offering from the issuance of the joint bond loan (the “Bond Loan” or the “KOD”), linked to a sustainability clause, (the “Issue”) amount to € 300 million and that Issuance costs are estimated at approximately € 8.3 million and will be deducted from the total raised funds of the Issue.
The funds raised, less the estimated issuance costs of the COD, will amount to net amount of approximately € 291.7 million.
The net raised funds will be used as follows:
1. Amount up to € 225 million, during the period 01.01.2022 – 31.12.2028, for the financing of the business activity of the Issuer and / or subsidiaries, and / or other companies or joint ventures in which the Issuer and / or Group companies participate1, as mentioned below under ( 1a) – (1b). Funds that are not used in accordance with sub (1) use, may be used at the discretion of the Issuer’s Management – at any time up to the Maturity Date of the Bond Loan – in accordance with sub (2) and (3) use .
Regarding the sub (1) above use, the funds will be used either by the Company and / or by subsidiaries and / or other companies or joint ventures in which the Issuer and / or Group companies participate, to which they will be directed through a capital increase or / and through borrowing and / or by servicing existing intra-group liabilities, for:
(1a) existing and / or new infrastructure and / or energy projects, including projects implemented and / or undertaken through concessions and / or PPPs, and / or investments in the mining / industrial and real estate sectors. Indicatively, the above projects may concern highways, ports, airports, tunnels, electricity or gas distribution networks, electricity generation units, gas storage units, projects for the development of a wide range of activities (hotels, commercial uses, conferences). ), real estate or real estate development or other projects related to the above.
(1b) for the acquisition of participations in companies, as well as acquisitions and mergers of companies operating in respective sectors and / or related object with sectors in which the Company and / or the Group’s subsidiaries and / or other companies in which the Company or companies operating in sectors referred to in sub (1a) above paragraph.
(1b) is related to (1a) insofar as the acquisition of shares, as well as acquisitions and mergers, concerns companies that develop and / or operate or are going to develop and / or operate projects as listed in 1 (a) ).
2. Amount up to € 46.7 million., during the period 01.01.2022 – 31.12.2028, to cover the working capital needs of the Issuer or its Subsidiaries.
Funds that are not used in accordance with sub (2) use, may be used at the discretion of the Issuer’s Management – at any time up to the Maturity Date of the Bond Loan – in accordance with sub (1) and (3) use .
3. Amount up to € 20 million., during the period 01.01.2022 – 31.12.2028, for the repayment of existing or future borrowing of the Issuer and / or subsidiaries.
Funds that are not used in accordance with sub (3) use, may be used at the discretion of the Issuer’s Management – at any time up to the Maturity Date of the Bond Loan – in accordance with sub (1) and (2) ) use.
The priority of using the raised funds is equal and will be distributed according to the time series that funds will be required for the purposes of the Issuer and at the absolute discretion of its Management.
It is noted that, at the Date of the Prospectus, there are no legally binding agreements for the financing of investments from the raised funds, nor has a decision been made by competent bodies of the Company regarding the distribution of the raised funds per investment and therefore details in the Prospectus.
In case the financing of the investment in the under (1) above year is made through borrowing (from the Issuer to subsidiaries of the Group and / or other companies or joint ventures in which the Company participates and / or subsidiaries of the Group) and the corresponding funds return to the Issuer before the Maturity Date of the Bond Loan, then such funds may be used (a) to finance the Issuer’s business and / or subsidiaries and / or other companies or joint ventures in which the Issuer participates and / or Group companies in accordance with sub (1) above use, and / or (b) to cover the working capital needs of the Issuer, and / or (c) to repay a loan of the Issuer and / or Subsidiaries / affiliates after a relevant decision of the Board or the General Assembly and informing the investing public.
In addition, it is noted that regarding the implementation of the investments of the (1) year, the Issuer intends to use, depending on the prevailing conditions and in addition to the amounts to be raised by the Issue, both bank lending and own funds.
The Board of Directors of the Company declares that the funds raised from the Issue will be maintained, until their disbursement for the above purposes, in immediately liquid low-risk placements such as time deposits, repos and bonds.
The Company will inform the ATHEX. and the Hellenic Capital Market Commission, in accordance with the current legislation, articles 4.1.2 and 4.1.3.9 of the ATHEX Regulations, as well as the decisions 25 / 06.12.2017 of the BoD. of ATHEX and 8/754 / 14.4.2016 of the BoD. of the Hellenic Capital Market Commission, as in force, regarding the use of the raised funds from the issuance of the Bond Loan until the final disposal of the raised funds. In addition and more specifically, the Company undertakes that for any modifications of the use of the raised funds, as well as for any additional relevant information will comply with the provisions of article 22 of Law 4706/2020, as in force, and will inform the investor the public, the shareholders, the Hellenic Capital Market Commission and the ATHEX Board of Directors, in accordance with the provisions of the Hellenic Capital Market legislation.
The investment public is informed about the disposal of the raised funds through the ATHEX website. and the Company.
The Athens Stock Exchange on 01.12.2021 approved the listing of the Bonds to be traded in the Fixed Income Securities Category of the ATHEX Market, subject to the approval of the prospectus (the “Prospectus”) by the successful Commission completion of the Public Offering of the Bonds.
The Bonds are in intangible form and will be credited to the portion and the Securities Account held by each beneficiary in the Intangible Securities System, according to the information stated in the Cover Application. The final registration of the Bonds in the Bonds of the beneficiaries in the Intangible Securities System will be completed on 14.12.2021.
It is noted that Wednesday, December 15, 2021, the trading of 300,000 bonds begins in the category of fixed income securities of the regulated market of the Athens Stock Exchange.
The trading code of the Bond is in Greek font is “GEKTERNAO3” and in Latin font “GEKTERNAB3”. The starting price of the Company’s Bonds is € 1,000 per Bond, ie 100% of its nominal value.
How the bonds were distributed
In a separate announcement, the company notes that after the completion of the Public Offering on 10.12.2021, and according to the aggregated distribution data produced using the Electronic Book of Offers of the Athens Stock Exchange, a total of 300,000 intangible common anonymous bonds were sold. value € 1,000 each (the “Bonds”) resulting in the raising of funds amounting to € 300 million.
The total valid demand expressed by investors, who participated in the Public Offering, amounted to € 683.4 million. The wide response of the investing public resulted in the Public Offering being covered 2.3 times and the total of participating investors rising at 11,515.
The offering price of the Bonds has been determined on par, ie € 1,000 per Bond. The final yield of the Bonds was set at 2.30% and the interest rate of the Bonds at 2.30% per annum.
The Bonds were broken down based on the valid demand expressed on the 2.30% yield as follows:
a) 203,000 Bonds (67.7% of the total issued Bonds) to Private Investors, out of a total of 380,694 Bonds for which a valid demand was expressed (ie 53.3% of the expressed demand was satisfied in the specific category of investors and in the specific yield ) and
b) 97,000 Bonds (32.3% of the total issued Bonds) to Special Investors out of a total of 295,290 Bonds for which a valid demand was expressed (ie 32.8% of the expressed demand was satisfied in the specific category of investors and in the specific yield) .
Also, out of the 97,000 Bonds distributed to Special Investors, 26,000 Bonds were received on their own account by the following Contractors
According to the contract, the Contractors did not undertake any commitment to cover Bonds.
Source From: Capital
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