Sep 30, 2013 - Chinese firm Goldpoly New Energy (HKG:0686) on Sunday said it had agreed to sell USD 50 million (EUR 37m) worth of guaranteed convertible bonds.
The solar cell maker will use the proceeds to back its solar business and cover operating and administrative costs.
Goldpoly signed the bond deal on September 27. The buyers are investment holdings Seven Points, Financial Vantage and several limited partnerships run or advised by York Capital Management Global Advisors LLC.
The bonds, which mature in October 2016 and bear a 5% annual coupon, are convertible into stock at a price of HKD 1.6 (USD 0.21/EUR 0.15) per share. If converted in full, they will result in the issue of 242.2 million new Goldpoly shares equal to 11.07% of the enlarged share capital of the issuer.
Credit Suisse AG (VTX:CSGN) has been named arranger and settlement agent.