Enlight Renewable Energy secures $133 million in tender notes Via Investing.com
Light Up Renewable Energy Ltd (NASDAQ:). (NASDAQ: ENLT, TASE: ENLT), an energy services company, announced today the results of a separate investor tender for the purchase of Series D notes.
The tender, part of the notes that may be offered in Israel, attracted a previous commitment of NIS 552.73 million (about $146.86 million). The company plans to accept bids for approximately 591 thousand units at a minimum unit price of NIS 846, aiming for a total investment of approximately NIS 500 million ($132.85 million).
The success of the tender sets the minimum price for the next public offering, pending the necessary approvals, including from the Tel Aviv Stock Exchange and the company’s board. Although the completion of the offering remains uncertain, Enlight Renewable Energy intends to use the proceeds to expand its renewable energy portfolio in the United States, Europe, and the MENA region, as well as for general corporate purposes.
The notes, with a maturity of 3.73 years, received an A2.il rating with a stable outlook from Midroog with an extension of up to NIS 600 million. The company’s shelf prospectus dated August 28, 2024, will govern any public offering, which will be exclusive to the Israeli market, as the securities will not be registered under the US Securities Act of 1933.
This news is based on a press release and does not constitute an offer to buy securities.
In other recent news, Enlight Renewable Energy is planning a potential expansion of its unsecured Series D notes with a targeted offering of approximately NIS 300 million. This expansion is subject to approval by the company’s Board of Directors and the Tel Aviv Stock Exchange. Proceeds from this offering will be used to invest in capital projects across the United States, Europe, and the MENA region.
Enlight Renewable Energy reported a significant increase in its financial performance for Q2 2024, with revenue up 61% to $85 million and adjusted EBITDA up 39% to $58 million. The company adjusted its full-year guidance upward, forecasting revenue between $345 million and $360 million, and EBITDA in the range of $245 million to $260 million.
Enlight Renewable Energy has also begun the first phase of commercial operations at its Atrisco Solar & Energy Storage project near Albuquerque, New Mexico. The company has scheduled its Annual General Meeting of Shareholders for November 2024, with shareholders of record as of October 15, 2024, eligible to vote at the meeting.
These are the latest developments of Enlight Renewable Energy.
InvestingPro Insights
Enlight Renewable Energy’s recent tender of Series D notes is in line with its growth strategy, as shown in InvestingPro data. The company’s revenue growth of 27.6% over the past twelve months and an impressive 61.14% quarterly growth indicate strong market demand for its services. This growth strategy supports the company’s plans to expand its renewable energy portfolio using proceeds from the offering.
InvestingPro Tips highlights that Enlight is operating with a heavy debt load, making the company’s decision to issue additional notes. However, the company’s impressive net profit margin of 80.06% suggests efficiency that can help manage this debt.
Investors should note that although Enlight trades at multiple earnings (P/E Ratio of 32.41), analysts expect sales growth this year, which may justify the rating. The company’s market cap of $1.87 billion and its ability to attract more interested investors in a recent tender show the market’s confidence in its growth prospects.
For those interested in in-depth analysis, InvestingPro offers 13 additional tips for Enlight Renewable Energy, providing a comprehensive overview of the company’s financial health and market conditions.
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