Sale of Swissgrid convertible bond
BERN, 15-Nov-2016 — /EuropaWire/ — BKW sells its Swissgrid convertible loan to Credit Suisse at a nominal value of around CHF 97 million. The two companies have signed a contract to mark the deal. The planned transaction and recently conducted increase in its Swissgrid stake will convert BKW’s previous financial investment into a strategically significant equity stake.
BKW was compensated with shares and a loan at the start of 2013 when it transferred its ownership of the transmission grid over to Swissgrid. Part of the loan was paid out in 2013, while the rest was structured into a convertible loan. BKW is now selling this loan to Credit Suisse and retaining the embedded convertible obligation. BKW will use the proceeds from the transaction to further its strategy.
The bond transfer is anticipated by the end of the year and requires approval from the Swissgrid Board of Directors.
BKW Ltd.
media(at)bkw.ch
+41 (0)58 477 51 07
SOURCE: BKW AG
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