Kromann Reumert has assisted NKT A/S in connection with accelerated book-building
Kromann Reumert has assisted NKT on its successful completion of the directed issue and private placement of 4,951,106 new shares at an offer price of DKK 138 per share, raising gross proceeds to NKT of approximately DKK 683 million. The net proceeds from the offering will be used to strengthen NKT's capital base.
Following the publication of the interim report for Q1 2020, NKT published the resolution by the board of directors to launch an offering of up to 4,951,106 new shares, representing up to 18.15 % of NKT's registered share capital through an accelerated book-building process directed at institutional and professional investors in Denmark and certain other jurisdictions.
The offering was oversubscribed, and an individual allocation of the new shares was made.
Kromann Reumert assisted NKT with the transaction. Danske Bank A/S and J.P. Morgan Securities plc. acted as Joint Global Coordinators and Joint Bookrunners for the offering.
NKT's shares are admitted to trading and official listing on Nasdaq Copenhagen.
The offering is a first step to strengthen NKT's capital base and NKT also announced yesterday that it will ask its general meeting for renewed authorizations to issue new shares and convertible instruments and that if granted, NKT's board of directors intends, subject to prevailing market conditions and other factors, to utilize such authorizations in full or in part before end-2020.
Christian Lundgren, Christina Bruun Geertsen, Helene Westergaard Jacobsen and Agnes C. E. Navntoft assisted NKT with the transaction.