Scatec Solar ASA has raised approximately NOK380 million (US$45 million) in gross proceeds through a private placement consisting of 9,380,000 new shares at a price of NOK40.50 (US$4.79) per share.
The private placement took place through an accelerated bookbuilding process after close of markets. The private placement attracted strong interest from both existing shareholders as well as new high quality institutional investors, and was significantly oversubscribed.
The net proceeds from the private placement will be used to fund the equity portion of investments in backlog and pipeline projects on top of the company's current self-funded growth capacity, further supporting the company's growth.
The share issue has been carried out as a private placement in order to take advantage of the current market conditions. The company believes it is well positioned for further profitable growth, which forms the background for carrying out the private placement and strengthening its equity capital. The board of directors of the company has considered different transaction alternatives and concluded that the private placement structure would best attend to the common interest of the company and its shareholders. Taking into consideration inter alia limited discount, size of placement, utilization of market conditions, pre-announced and broadly marketed placement, transaction risk, costs, as well as dilution effects, the board of directors has, after thorough assessments found that there are sufficient and objective grounds for setting aside existing shareholders pre-emptive rights to subscribe for shares.
The new shares will be issued based on a board authorization given by the Annual General Meeting held 4 May 2016. The new shares will be settled through a delivery versus payment transaction on a regular t+2 basis by delivery of existing and unencumbered shares in the company that are already listed on the Oslo Stock Exchange pursuant to a share lending agreement between the company, the managers and Scatec AS.
ABG Sundal Collier ASA, Carnegie AS and Nordea Bank AB (publ), filial i Norge acted as Joint Bookrunners in the private placement. Advokatfirmaet Selmer DA is acting as legal advisor for Scatec Solar ASA in connection with the private placement.