Etrion Completes Corporate Bond Issue
April 13, 2011, Geneva, Switzerland – Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), a solar utility company, has issued EUR 60 million of corporate bonds in the Norwegian bond market at 9% annual interest with a 4-year maturity. Etrion’s major shareholder, the Lundin family, has subscribed for EUR 15 million of the bond issue.
ABG Sundal Collier Norge ASA acted as lead manager of the bond issue. Settlement is expected to occur on or about April 18, 2011, subject to customary conditions. An application will be made for the bonds to be listed on the Oslo Stock Exchange or Oslo Alternative Bond Market (ABM) as soon as possible.
Net proceeds from the bond issue will be used for early repayment of the bridge loan provided by Etrion’s former major shareholder, Lundin Petroleum AB, and for general corporate purposes.
Marco Northland, the Company’s CEO, commented, “We are pleased to reach our target of placing EUR 60 million in the Norwegian bond markets. This bond further diversifies Etrion’s funding sources and highlights the predictable, secure nature of our cash flow from solar power generation.”
Etrion Corporation develops, builds, owns and operates solar power plants. Etrion currently owns 47 megawatts (MW) of operational, ground-based solar photovoltaic (PV) power plants in Italy. The Company is listed on the Toronto Stock Exchange and the NASDAQ OMX Stockholm exchange (ticker symbol “ETX”). Etrion’s largest shareholder is the Lundin family, which owns approximately 25% of the Company’s shares through various trusts.
For additional information, please visit the Company’s website at www.etrion.com or contact:
Robert Eriksson – Investor Relations
Telephone: +46 (0)701 11 2615
Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 08:00 CET on the 13th of April 2011.
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company’s proposed bond offering) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, assumptions as to the completion of the bond offering. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risk that the conditions of settlement may not be satisfied.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.