Meyer Burger Technology AG / Key word(s): Financing
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
Following the opening of its cell factory in Thalheim (city of Bitterfeld-Wolfen, Saxony-Anhalt, Germany) and the module factory in Freiberg (Saxony, Germany), the proceeds from the offerings will provide Meyer Burger with additional financial flexibility to accelerate its ongoing transformation to a leading European manufacturer of solar cells and solar modules. Meyer Burger intends to use the net proceeds from the issue of the New Shares to finance and/or refinance new investments and the net proceeds from the issue of the Bonds to finance and/or refinance new investments in Eligible Green Projects as defined by Meyer Burger's Green Financing Framework.
Recently Meyer Burger secured a financing package with a syndicated loan agreement for EUR 125 million and a factoring agreement for EUR 60 million to accelerate the manufacturing capacity expansion with a balanced 1.4 GW of cell and module production capacity already by the end of 2022, thereby closing the previously envisaged gap between module and cell capacity. Meyer Burger will process the entire cell production into modules itself and not sell its HJT solar cells to third parties as previously planned. The company intends to make a final decision on the specific location of the second solar module factory in the third quarter of 2021. The company intends to design the new module plant for producing utility modules but with the flexibility to also produce rooftop modules in line with market demand.
The syndicated loan agreement obligates Meyer Burger to raise additional financing in the amount of EUR 100 million. With the private placement for professional investors, Meyer Burger intends to secure sufficient equity capital for accelerating the next growth phase including the entry into the utility-scale segment. Strengthening the equity base enables Meyer Burger to address customers' utility projects with a long lead-time. As communicated previously, to realize the growth targets of the second phase, another EUR 260 million (CHF 286 million) in financing is required in addition to the EUR 185 million debt financing.
The Issuer and Meyer Burger have agreed to a 180-day lock-up period after the listing of the New Shares and the issuance of the Bonds, subject to waiver by the syndicate banks and customary exceptions.
The New Shares are expected to be listed and admitted to trading according to the Swiss Reporting Standard on SIX Swiss Exchange on July 5, 2021. Payment and settlement are expected to take place on the same date on or around July 5, 2021. The New Shares will rank pari passu with the Company's existing shares.
Green Convertible Bonds
Meyer Burger will be entitled to redeem the Bonds at their principal amount plus accrued interest in accordance with the terms and conditions of the Bonds at any time (i) on or after 2025, if the price of a Meyer Burger share is equal to or exceeds 130% of the then prevailing conversion price over a certain period or (ii) if less than 15% of the aggregate principal amount of the Bonds remain outstanding.
The offering of the Bonds will be conducted as a private placement in and outside of Switzerland. The Bonds will be offered to investors outside the US (in reliance on Regulation S under the US Securities Act of 1933), as amended, and in compliance with the laws and regulations applicable in every country where the offering takes place.
The Bonds are expected to price prior to market opening on July 1, 2021. The settlement date of the Bonds is expected to be on or around July 8, 2021. The Bonds will not be listed or admitted to trading on the SIX Swiss Exchange or any other trading venue and no application has been made to list or admit the bonds to trading. Application for the listing and trading of the Bonds may be made at a later stage.
Meyer Burger Green Financing Framework
The proceeds of the Bonds will be used in compliance with the Framework. As both the Green Bond Principles, Green Loan Principles and the green financing market overall, as well as the EU Taxonomy, are evolving rapidly, this Framework may be updated or expanded in the future. Any future updated versions of this Framework will either keep or increase the current levels of transparency and reporting disclosures. The external review of the Framework by ISS, as Second Party Opinion provider, is available, together with the Framework, on the Company's web site.
Concurrent Offering of Existing Shares by the Company
About Meyer Burger Technology Ltd
Meyer Burger is starting production of high-performance solar cells and solar modules in 2021. Its proprietary heterojunction/SmartWire technology enables the company to set new industry standards in terms of energy yield. With solar cells and modules developed in Switzerland and manufactured in Germany according to high sustainability standards, Meyer Burger aims to become a leading European photovoltaic company. The company currently employs around 600 people at research facilities in Switzerland, development and manufacturing sites in Germany and sales offices in Europe, the USA and Asia.
This press release may contain 'forward-looking statements', such as guidance, expectations, plans, intentions, or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this press release are based on data available to Meyer Burger Technology Ltd as of the date that this press release is published. The company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
THE CONTENTS OF THIS ANNOUNCEMENT HAVE BEEN PREPARED BY AND ARE THE SOLE RESPONSIBILITY OF MEYER BURGER TECHNOLOGY LTD (THE 'COMPANY' OR 'GUARANTOR') AND MBT SYSTEMS GMBH (THE 'ISSUER').
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS FOR BACKGROUND PURPOSES ONLY AND DOES NOT PURPORT TO BE FULL OR COMPLETE. NO RELIANCE MAY BE PLACED BY ANY PERSON FOR ANY PURPOSE ON THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT OR ITS ACCURACY, FAIRNESS OR COMPLETENESS.
THIS INFORMATION DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SHARES, CONVERTIBLE BONDS OR OTHER SECURITIES IN THE ISSUER OR THE GUARANTOR (COLLECTIVELY, THE 'SECURITIES') TO ANY PERSON IN THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR IN ANY JURISDICTION TO WHOM OR IN WHICH SUCH OFFER OR SOLICITATION IS UNLAWFUL. IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE PUBLIC DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS INFORMATION IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THE DISTRIBUTION OF THIS ANNOUNCEMENT MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS AND PERSONS INTO WHOSE POSSESSION ANY DOCUMENT OR OTHER INFORMATION REFERRED TO HEREIN COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE SUCH RESTRICTION. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION. SECURITIES OF THE COMPANY OR THE ISSUER ARE NOT BEING PUBLICLY OFFERED. IN PARTICULAR, THE SECURITIES OF THE COMPANY REFERRED TO HEREIN MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED UNDER THE US SECURITIES ACT OF 1933 (THE 'SECURITIES ACT') OR OFFERED IN A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OR UNDER THE APPLICABLE SECURITIES LAWS OF AUSTRALIA, CANADA OR JAPAN. SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES REFERRED TO HEREIN MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OF U.S. PERSONS EXCEPT IN AN 'OFFSHORE TRANSACTION' IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT OR FOR THE ACCOUNT OR BENEFIT OF ANY NATIONAL, RESIDENT OR CITIZEN OF AUSTRALIA, CANADA OR JAPAN.
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Meyer Burger Technology AG
+41 033 221 28 00
SIX Swiss Exchange
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