Fresh Capital: Nordex Completes Capital Increase of almost 590 Million Euro

Hamburg, Germany - Nordex has successfully completed the capital increase resolved on 30 June 2021 and placed all shares.

As the wind turbine manufacturer announced, 98.20 percent of all subscription rights were exercised by existing shareholders, including Acciona, the company's largest shareholder. The remaining shares were sold by the underwriters on the stock exchange or in OTC trading (outside stock exchanges).

The total gross transaction volume of the capital increase amounts to approximately 586.15 million euro. This is made up of total gross cash proceeds of approximately 389.6 million euro and a contribution in kind from Acciona in the order of approximately 196.6 million euro. The Company's shareholders were offered approximately 42.67 million new shares, representing approximately 36.4 percent of the existing share capital, at a subscription ratio of 11 to 4. This means that shareholders could acquire four new shares for every eleven existing shares at a subscription price of 13.70 euro per new share. The subscription period began on 2 July and ended on 15 July 2021.

Nordex has mandated Commerzbank Aktiengesellschaft, UniCredit Bank AG, Crédit Agricole Corporate and Investment Bank and Intesa Sanpaolo S.p.A. as Joint Global Coordinators and Joint Bookrunners for the transaction.

Nordex stock has been under pressure since the announcement of the capital increase. Under the impact of the profit warning issued by competitor Siemens Gamesa, the share price decline gained further momentum last week. In yesterday's trading, Nordex stock hit its low for the year to date of 15.37 euro, but recovered somewhat by the end of trading (closing price: 15.87 euro, 19.07.2021, Stuttgart stock exchange). In today's trading, the RENIXX Group share is currently up slightly by 0.57 per cent at a price of 15.96 euro (20.07.2021, 01:31 p.m., Stuttgart Stock Exchange).

Source: IWR Online, Jul 07 2021