Goldpoly wraps up USD-70m bond sale

Nov 15, 2013 - Chinese solar cell maker Goldpoly New Energy (HKG:0686) yesterday said it had finalised the previously announced USD-70-million (EUR 52m) bond issue.

The guaranteed convertible bonds are due on October 8, 2016 and carry a coupon of 5% per year. They 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 USD 70 million in bonds 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 a nearly 14.84% stake in Goldpoly. 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.

A few days ago, Goldpoly and domestic firm Kunlun Trust Co Ltd, a unit of China National Petroleum Corp (CNPC), agreed to jointly acquire 500 MW of solar power plants between 2013 and 2015. Under the plan, Goldpoly will take 60% and Kunlun will own the remaining 40%. Details on the potential vendors or the specific solar power generation assets were not disclosed.

(USD 1 = EUR 0.743)
(HKD 10 = USD 1.290/EUR 0.958)

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