Jun 25, 2014 - Hong Kong-based GCL-Poly Energy Holdings Ltd (HKG:3800) said today that its Chinese unit GCL-Poly Ltd had issued a CNY-400-million (USD 64m/EUR 47m) tranche of short-term notes due June 26, 2015.
The solar equipment maker said that its subsidiary will use the net proceeds of CNY 398 million to pay back existing borrowings. The company explained it had issued the notes to help lower the group's domestic finance costs, which are relatively higher than the 6.05% annual interest rate of the units.
GCL-Poly Ltd issued the first tranche of one-year notes amounting to CNY 600 million on July 11, 2013.
GCL-Poly Energy makes silicon wafers, while its subsidiary is involved in the construction and operation of clean power plants in China. The unit also serves as a financing platform for the group's power segment. Last month, the Hong Kong-based parent said it would partner with three solar companies in China to develop and build some 4,150 MW of solar capacity in several provinces by 2016.