•  
  •  
  •  

China Ruifeng pockets USD 40m from convertible bonds issue

Author: .Martin. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

March 27 (Renewables Now) - Wind power generator China Ruifeng Renewable Energy Hldg Ltd (HKG:0527) has raised HKD 313.8 million (USD 40m/EUR 35.5m) from the sale of convertible bonds, thus securing capital to repay debt and redeem existing securities.

Filled Converge subscribed to some HKD 294.2 million worth of the 8% bonds, while the remaining HKD 19.6 million were issued to Well Foundation, China Ruifeng said in a bourse filing. Following conversion into China Ruifeng shares, provided that the conversion rights are exercised in full, Filled Converge will get a 24.8% stake and Well Foundation will own 1.65% in the wind power generator.

The net proceeds of the deal, totalling HKD 312.4 million, will go mostly to redeem the company’s existing convertible bonds, which will take around 56% of the total sum, while the rest will be allocated for repaying bank loans and covering general working capital needs.

The securities mature in 2021, with the term being extendable to 2022.

(HKD 1.0 = USD 0.127/EUR 0.113)

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription