May 14 (Bloomberg) -- PNE Wind AG placed about 66.3 million euros ($86 million) of bonds, less than the 100 million euros that the German wind developer initially intended.
The Cuxhaven-based company closed the placing of 8 percent corporate debt with institutional and private investors on May 10, it said today in a statement. On March 12, PNE said proceeds would fund the acquisition of shares in a wind company, later identified as WKN AG, and on- and offshore wind farms. The bonds mature June 2018, according to data compiled by Bloomberg.
“It shows a little bit of bad timing here because some other wind project developers” have “had significant problems in the recent past where their bond prices decreased significantly,” said Christopher Rodler, an analyst at MM Warburg Investment Research in Hamburg. “Maybe investors are a little bit scared of the whole industry right now.”
PNE Wind raised what it needed to fund its purchase of 54 percent in WKN, Rainer Heinsohn, a spokesman, said by phone. He said 100 million euros was the maximum it would have raised.
WKN is valued at about 93 million euros, according to a PNE Wind statement on April 19. It didn’t give a purchase price. The final amount of the bond placement will be determined on May 17 when the last subscription applications are settled, according to the company. The corporate bonds will begin trading on Frankfurt Stock Exchange’s Regulated Market tomorrow.
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