Goldpoly initiates USD-70m bond offering

(SeeNews) – Oct 17, 2013 - Chinese solar cell maker Goldpoly New Energy (HKG:0686) said Wednesday it would issue USD 70 million (EUR 51.6m) more in guaranteed convertible bonds maturing in 2016.

The bonds will form a single series with the USD-50-million issue the company announced on October 8.

Goldpoly will use the amount raised to support its solar activities and to meet its operating and administrative costs.

The bonds, which are due on October 8, 2016 and carry coupon of 5% per year, are convertible into shares at a price of HKD 1.6 (USD 0.21/EUR 0.15) apiece. If converted in full, they will account for nearly 14.84% of the enlarged share capital of the issuer. The buyers of the bonds are investment holdings Seven Points, Financial Vantage and several limited partnerships run or advised by York Capital Management Global Advisors LLC.

The Singapore branch of Credit Suisse AG (VTX:CSGN) was appointed as the arranger and settlement agent of the transaction.

(USD 1.0 = EUR 0.738)
(HKD 1.0 = USD 0.129/EUR 0.095)

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