Reflecting the general recovery in PV equipment sales, Meyer Burger Technology has said it is to increase its working capital in a CHF100 million (US$106 million) convertible bond issue.
The major PV equipment supplier noted that sales and bookings had continued to improve in the first half of the year. The company indicated that the ‘run rate’ in its business for the months July and August 2014 were 13% higher than the same period a year ago and that orders were 146% higher in the first six months of 2014 than the prior year period.
Meyer Burger noted that proceeds from the bond would be used for funding of potential working capital requirements, investments in demo equipment and general corporate purposes.
The bonds wikll mature in September 2020.
At the close of trading on the Swiss Exchange, Meyer Burger said that the bonds had been successfully placed. The conversion price was fixed at CHF11.39, representing a premium of 27.5% over the volume weighted average price of the shares between the announcement and pricing of the Convertible Bonds today. The coupon of the bonds was said to have been set at 4%.