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Enlight Renewable Energy Ltd (NASDAQ:ENLT). (NASDAQ: ENLT, TASE: ENLT), a provider of electric services with a market capitalization of $2.1 billion and impressive revenue growth of 48% over the last twelve months, announced today the successful completion of its public tenders for Series G and Series H notes in Israel. According to InvestingPro data, the company maintains strong gross profit margins of 79% despite operating with significant debt levels. The tenders, which were held today, resulted in the expected issuance of 468,784,000 par value Series G notes at an aggregate face value of approximately $128 million and 414,847,000 par value Series H notes at an aggregate face value of approximately $117 million. This adds to the company’s existing total debt of $3.2 billion, though InvestingPro analysis shows the company maintains a healthy current ratio of 1.22, indicating sufficient liquidity to meet short-term obligations.
The Series G notes were sold at a discount rate of 2.9%, with a price of NIS 0.971 per note, while the Series H notes were set at NIS 1 per note with no discount. Due to the shelf offering report’s limitations, the company issued the maximum allowed amount of Series H notes proportionally to investors, with each receiving 97.26% of the ordered amount.
The proceeds from these offerings are designated for investment in Enlight’s large-scale renewable energy projects across the United States, Europe, and MENA, and for general corporate purposes. With a five-year revenue CAGR of 48% and analysts forecasting continued growth, the company appears positioned for expansion. For deeper insights into Enlight’s growth prospects and comprehensive financial analysis, investors can access detailed Pro Research Reports available on InvestingPro, which covers over 1,400 US-listed companies. Additionally, on Monday, the Israeli credit rating agency "Midroog" confirmed a stable A2.il rating for the Series G and H notes, with a total amount of up to NIS 900 million. This rating comes as the company maintains a debt-to-equity ratio of 2.74, reflecting its capital-intensive business model in the renewable energy sector. The rating is not a recommendation to buy, sell, or hold securities.
The offerings were conducted as an "overseas directed offering" in Israel, exempt from registration under the U.S. Securities Act of 1933. The Series G and H debentures, along with the ordinary shares deliverable upon conversion of the Series H debentures, will not be registered under the U.S. Securities Act and are not offered in the United States without registration or an exemption from registration requirements.
This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These include the offerings and their completion, market conditions, regulatory approvals, and the company’s ability to develop and convert renewable energy projects into operational projects. The statements are not guarantees of future performance and are subject to change.
In other recent news, Enlight Renewable Energy announced the successful tender results for its Series G and Series H notes, securing approximately $235 million from classified investors. The tenders offered Series G notes at a fixed annual interest rate of 5% and Series H notes at a fixed annual interest of 4%, with the latter being convertible into the company’s ordinary shares. The institutional tender for Series G resulted in commitments for 468,784 units, generating gross proceeds of approximately $119 million. Meanwhile, Series H commitments totaled 414,847 units, bringing in around $115.8 million in gross proceeds. The net proceeds from these offerings are earmarked for investments in Enlight Renewable Energy’s large-scale renewable energy portfolio across the United States, Europe, and MENA regions, as well as for other general corporate purposes. The company’s Series G and Series H notes received a stable A2.il rating from Midroog, confirming the rating for up to NIS 900 million. These offerings are subject to regulatory approvals, including the approval of the Tel Aviv Stock Exchange and the company’s board of directors. Enlight Renewable Energy clarified that the offerings will be conducted as per a shelf offering report and will only be available in Israel.
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