Swiss Firm EIP Readies Bid to Boost Stake in BayWa Renewable Arm [Financial Post (Toronto, Ontario, Canada)]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Swiss investor Energy Infrastructure Partners is preparing a bid to boost its stake in the renewables arm of BayWa AG in a deal that will offer the struggling German commodities firm a lifeline in its debt restructuring. EIP is planning to lift its shareholding in BayWa r.e. to 80% from 49% in an offer expected as early as next week, according to a person familiar with the matter. Under the offer, BayWa r.e. creditors would be completely repaid immediately, while EIP would refinance BayWa r.e.'s roughly €600 million ($656 million) in debt, offering existing lenders to participate, the person said. The offer would also see EIP injecting around €200 million in fresh capital. As part of the deal, BayWa would receive tradeable debt instruments that would allow the group to benefit from future proceeds of BayWa r.e.'s Solar Trade unit or other future
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