GCL New Energy starts tender offer for 10% senior notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Oct. 17 – GCL New Energy Holdings Ltd. launched a cash tender offer up to a total of $78.4 million principal amount of its 10% senior notes due 2024 (ISIN: XS2350477308), according to a notice Monday.

The company is offering to purchase the notes at a face value of $0.83 per $1 principal amount.

Currently, there are $429,471,572 of the notes outstanding.

The company will use internal funds to pay an amount equal to the accrued and unpaid interest from and including the last interest payment date to the settlement date.

Tender instructions, once delivered, are irrevocable.

The offer expires at 11 a.m. ET on Oct. 25.

Settlement is planned on or about Oct. 28.

Admiralty Harbour Capital Ltd. (852 2110 1116, gclne@ahfghk.com) is the dealer manager.

Kroll Issuer Services Limited (+44 20 7704 0880, +852 2281 0114, gclnewenergy@is.kroll.com, https://deals.is.kroll.com/gclnewenergy) is the information and tender agent.

The notes were originally issued June 16, 2021 by the company and guaranteed by the subsidiary guarantors.

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

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