United PV issues USD 100m of bonds ahead of 80-MW buy

United Photovoltaics Group Ltd (HKG:0686) said Thursday it has completed the sale of USD 100 million (EUR 88.7m) worth of convertible notes to help fund the potential acquisition of 80 MW of solar capacity in China.

The Hong Kong-based solar firm, part of investor and power plant operator China Merchants New Energy Group (CMNE), issued the notes to a unit of China Huarong Asset Management Co Ltd on June 3. The group intends to use the net proceeds of the bond sale to finance the acquisition, development, construction, as well as operation and maintenance (O&M) of 80 MW of Chinese solar parks. It did not give details about the targeted companies or their projects.

The three-year bonds have an interest rate of 7% per year and will be convertible into 590.1 million shares at an initial price of approximately HKD 1.31 (USD 0.17/EUR 0.15). If fully converted, they will represent approximately 11.07% of United PV’s enlarged share capital, it noted.

Over the past few weeks, United PV unveiled three more convertible bond issues of USD 100 million each.

(USD 1.0 = EUR 0.887)

(HKD 1.0 = USD 0.129/EUR 0.114)

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