By Marisa Wong
Madison, Wis., July 11 - GCL-Poly Energy Holdings Ltd. announced that its wholly owned subsidiary, GCL-Poly Ltd., issued RMB 600 million of 5.8% notes due 2014 on Thursday.
The notes were priced at par.
GCL-Poly received approval in May to issue RMB 1 billion of short-term notes within two years. This is the subsidiary's first tranche.
Proceeds will be used to repay bank loans and for working capital requirements.
GCL-Poly Energy is a green energy supplier based in Hong Kong.
| Issuer: | GCL-Poly Ltd.
|
| Issue: | First tranche notes
|
| Amount: | RMB 600 million
|
| Maturity: | July 12, 2014
|
| Coupon: | 5.8%
|
| Price: | Par
|
| Yield: | 5.8%
|
| Settlement date: | July 11
|
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