Concord New Energy offers to swap 2021 notes for new notes, cash

By Marisa Wong

Los Angeles, Sept. 8 – Concord New Energy Group Ltd. announced it is offering to exchange any and all of its outstanding 7.9% senior notes due 2021 (ISIN: XS1676123851) for new dollar-denominated senior notes and cash.

Concord is offering for each $1,000 of existing notes, $1,000 of new notes and $10 in cash, along with capitalized interest and cash in lieu of any fractional amount of new notes.

The exchange offer expires at 11 a.m. ET on Sept. 16 and is expected to settle on Sept. 24.

The exchange offer is conditioned on completion of a concurrent new money issuance.

Concord said it is conducting a new money issuance to raise funds to refinance existing offshore debt, to fund wind and solar power projects and for general corporate purposes. The notes under the new money issuance will be on the same terms and form a single series with the new notes issued under the exchange offer.

The additional new notes will be issued at a price equal to or greater than par.

The company expects to announce the minimum yield and maturity of the new notes on Sept. 9.

UBS AG Hong Kong Branch, Haitong International Securities Co. Ltd. and China Everbright Bank Co., Ltd., Hong Kong Branch are dealer managers for the Regulation S exchange offer.

D.F. King (+44 20 7920 9700, +852 3953 7208, concord@dfkingltd.com, https://sites.dfkingltd.com/concord) is the information and exchange agent.

Concord is a wind power and solar power investment holding company based in Hong Kong.

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