By Dominic Chopping
Norway’s TECO 2030 said Monday that it has signed a loan agreement with its largest shareholder, TECO Group.
Under the deal, TECO Group will lend TECO 2030 some 20 million of its shares in TECO 2030, which can be sold to new investors when appropriate, offering a flexible way of securing financing.
TECO 2030 will settle the share loan through the return of any unsold shares and a private placement of new shares no later than June 30, 2024, it said.
TECO 2030 may repay the loan in whole or in part at any time prior to this date.
TECO Group will not receive any fee or interest on the loan and will subscribe for new shares at the nominal value.
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