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KKR exercises the right to convert Greenvolt bonds into shares

KKR exercises the right to convert Greenvolt bonds into shares

This announcement comes a few days after KKR acquired 78.9% of the energy company and launched a takeover bid for the remaining shares.

Kohlberg Kravis Roberts (KKR), through GV Investor Bidco, announced that it has decided to exercise the right to convert convertible bonds into shares issued by Greenvolt, more specifically in the amount of 200 million euros, according to the Securities and Exchange Commission (CMVM).

KKR converts this line of convertible bonds worth €200 million with a coupon rate of 4.75% into Greenvolt shares maturing in 2030.

The bonds are called “€200,000,000 4.75 percent. Unsecured, conditionally convertible senior notes due 2030,” the same note states.

This announcement comes a few days after KKR acquired 78.9% of the energy company and launched a takeover bid for the remaining shares. With this transfer, the North American private equity fund's shareholding rises from 78.9% to approximately 82% of Greenvolt.

Greenvolt shares were transferred under share purchase and sale contracts on May 31.

The tender offer is public and mandatory since KKR already has control over the listed company.

The bidder already holds a direct stake of 60.86%. But Mediobanca, with which the holding company of the private equity fund KKR has an agreement, owns 18.04%, which is why a total of 78.9% of Greenvolt is attributed to KKR companies.

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