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09/15/2009 / FRANCE / MERGERS AND ACQUISITIONS
Calyon orchestrates a successful capital increase for POWEO
Calyon was sole global coordinator, lead manager and bookrunner for a EUR 75 million capital increase for POWEO, with preferential subscription rights. This transaction was designed to strengthen POWEO’s capital in order to finance the completion of its industrial plan and its vertical integration strategy. In particular, it aimed to develop a portfolio of projects to help the group to deploy its own power production capacities.
The subscription period ran from July 9 to July 22, 2009. Total demand for the capital increase was about EUR 83.2 million, meaning that the issue was oversubscribed at a 110.7% rate. New shares subscribed on an irreducible basis amounted to 4.7 million, representing 94.6% of the new shares to be issued. Demand on a reducible basis accounted for 800,607 shares. Therefore, there will be only a partial allocation amounting to 267,519 new shares.
4,976,671 new shares were offered at a unit subscription price of EUR 15.10, amounting to gross offering proceeds of about EUR 75 million.
POWEO is an alternative operator in the French electricity and gas markets. It supplies energy and provides energy efficiency and environmental services to about 340,000 customer sites. POWEO is also developing a power generation capacity in line with its integrated operator strategic model, targeting 25% of its generation assets in various renewable energies: wind, solar, hydro and biomass.
"For nearly three years, Crédit Agricole CIB has been present as POWEO has taken a number of significant steps, involving with the full range of its consulting, equity, financing and market challenges. Crédit Agricole CIB has forged a strong relationship with POWEO and has become a trusted partner for POWEO's management."