Synthesis Analytics senior Secured Bond

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Precis Process Overview

  • Conversion of a former power plant to HPC centre
  • Central processing units placed on mother boards, slide into repurposed racked shipping containers
  • Enhanced Superior Immersion System for cooling mother boards via sea water
  • Power for pumping provided by hydro electricity
  • Offtake heated water used for local requirements

ICMA Green Principles

Synthesis Analytics engaged Sustainalytics as the world’s leading verification agency, to confirm the Green Credentials of the bond in accordance with the four core components of the Green Principle 2018, namely:

  • Use of Proceeds
  • Process Evaluation
  • Management of Proceeds
  • Reporting

In addition to the above, Bloomberg has also awarded a “Green Ticker”

Income Generation

  • Lease agreements for housing CPU’s which undertake high frequency repetitive activity
  • Offtake agreements for hot water are signed with local authorities

 

 

Synthesis Analytics www.synthesis.se is a technology company based in Sweden offering High Performance Computing (HPC) products and services to companies with a focus on minimizing resource use, maximizing energy efficiency and capturing/reusing waste-heat energy. Synthesis Analytics has developed the Synthesis Analytics Green Bond Framework under which it intends to issue multiple green bonds through the special-purpose vehicle, Sustainable Capital Plc. Proceeds of the bond are used to finance the further development of the former power station at Marviken, Sweden to an HPC centre.

https://www.youtube.com/watch?v=Ru5TqSVEOvA

Key Features

  • 5 Year Term
  • Amortising from Year 3 (please see FAQs No 4)
  • Quarterly coupon of 8.21% pa GBP or 8.14% pa USD
  • Twelve Month Yield Reserve
  • Secured on First Charge £60million CBRE Valued Real Estate
  • 1.6x Debt Service Coverage Ratio (DSCR) from Year 2 to Maturity
  • 2% Liquidity Reserve Maintained
  • 0.3% of Senior Expenses Reserve
  • Third Party Validation of ICMA Green Credentials via Sustainalytics (please see attached)
  • Listed on ISE and FSE plus Bloomberg Green Ticker

 

 
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