China Singyes Solar wraps up CNY 930m bond placement

Aug 8, 2014 - China-based Singyes Solar Technologies Holdings (HKG:0750) said today it has completed the placement of CNY 930 million (USD 150m/EUR 113m) worth of convertible bonds for its full shift to solar.

The company has almost fully transformed from a curtain wall contractor to a solar company active in the building integrated photovoltaic (BIPV) systems segment, solar-power products manufacturing and even running generating capacities. It is going to use the net proceeds from the bond issue, estimated at CNY 903 million, for working capital, debt repayment and the development of new solar schemes.

The bonds have a 5% coupon, paid in US dollars every six months, and an initial conversion price of HKD 16.11 (USD 2.078/EUR 1.552). They will convert into shares after September 18 and reach maturity on August 8, 2019.

When fully converted the bonds will be equal to a stake of some 9.40% in Singyes Solar.

The securities are expected to be listed and dealt on the Hong Kong Stock Exchange (HKEX) starting August 11. BOCI Asia Ltd and HSBC serve as joint bookrunners.

(CNY 1 = USD 0.162/EUR 0.121; HKD 1 = USD 0.129/EUR 0.096)

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