GCL New Energy to redeem $76.9 million 10% senior notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Jan. 10 – GCL New Energy Holdings Ltd. will use the $76.9 million remaining proceeds from a significant sale asset offer to redeem an equivalent amount of its 10% senior notes due Jan. 30, 2024 (ISIN: XS2350477308) on Jan. 25, according to a company announcement.

The redemption represents 15.03% of the total original issuance.

The notes will be redeemed at par plus accrued interest, equal to $0.0608 per $1 of notes, for a total of $1.0608 per $1 note.

Following the redemption interest will cease to accrue from and including the redemption date.

Including the interest, the total redemption will equal $81,578,083.33.

After the redemption, $419,969,839 will be outstanding.

Notes for redemption will be selected in accordance with the pro rata drawing procedures of Euroclear and Clearstream. Payment will be made through Euroclear and Clearstream.

Bank of New York Mellon, London Branch is the paying agent.

The company is focused on solar power generation and development and located in Hong Kong.

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