Scatec Solar borrows shares for larger equity raise

By Sam Kerr
21 Oct 2020

Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night. The sale was for 15% of the company’s share capital — 5% more than it was allowed to issue through a non-preemptive placing. It made up the balance by borrowing shares from its largest shareholder.

BNP Paribas, DNB, JP MorganNordea, SpareBank 1 and Swedbank, in cooperation with Kepler Cheuvreux, were bookrunners on the deal.

The company placed 20.65m shares at Nkr230 a share, a 6.43% discount to the closing price on the Oslo stock exchange.

The size of the placement was worth 15% ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial