Receive 6,100 million in new financing – E24

Less than a day after Aker announced a major issuance and a new bond loan to fund the revolving investment in Aker Horizons, the money is in the bag.

There must have been “significant” investment interest from Nordic and international institutional investors to invest in Horizons.

According to an announcement on the Aker Stock Exchange, the issue “was oversubscribed several times.”

Aker Horizons was established in 2020 as a subsidiary of Aker, which will function as an “umbrella” that will own and manage Aker’s investment in renewable energy and low-carbon solutions.

Aker Horizons already owns Aker’s shares in offshore wine company Aker Offshore Wind, carbon capture company Aker Carbon Capture and silicon producer Rec Silicon.

Additionally, it was recently announced that Aker Horizons will acquire hydropower provider Rainpower and 75 percent of renewable producer Mainstream Renewable Power.

Under the plan, Aker Horizons will be listed on the Oslo Stock Exchange (formerly Merkur Market) on the Oslo Stock Exchange on Monday.

The plan is to move to the main list within 12 months.

Aker represents 1.7 out of 6.1 billion

This is the financing of Aker Horizons:

• 118.6 million new shares are printed at NOK 35 per share, giving NOK 4.2 billion in fresh capital
• An “over-allotment” option provides an additional NOK 415 million through the sale of 11.9 million shares.
• A bond loan is issued for a total of NOK 1.5 billion
• In total, this secures Aker Horizons $ 6.1 billion in new financing.

As announced Wednesday afternoon, both Folketrygdfondet and the fund managers at DNB, Handelsbanken and Swedbank will enter and subscribe for shares in the issue.

Aker itself provides NOK 500 million in the issue and NOK 1.2 billion in the bond loan, a total of NOK 1.7 billion, through the subsidiary Aker Capital.

After the transaction, Aker’s stake in Aker Horizons will drop from 100 percent to between 80 and 81.7 percent, depending on whether new shares are printed on the option.

P.S! The total number of Aker Horizons shares will end at 568.9 million, according to Aker.

Aker Stock Market Announcement

Aker peaks account for shares

Aker Horizons employees were also offered shares in the issue and the employees subscribed a total of 322,088 shares.

The stock exchange announcement states that several informants have secured shares in the issue:

• Aker CEO Øyvind Eriksen has received 285,714 shares.
• Aker CFO Svein Oskar Stoknes received 29,825 shares
• Aker’s chief economist Torbjørn Kjus received 59,561 shares.
• Aker’s chief investment officer, Martin Bech Holte, has received 29,825 shares

Among Aker Horizons employees, the following share purchases and subscriptions are reported as part of an incentive program:

• CEO Kristian Røkke has subscribed for 952,380 shares
• Chief Financial Officer Nanna Tollefsen subscribed 190,476 shares
• Chief Investment Officer Erik Otto Nyborg subscribed 476,190 shares
• Chief Investment Officer Karl-Petter Løken has subscribed for 47,619 shares in the incentive program and 11,714 shares in the issue.
• Acting CFO Ola Beinnes Fosse subscribed 11,714 shares
• Chief Legal Officer Frode Strømø has subscribed for 17,428 shares