By Lisa Kerner
Charlotte, N.C., April 20 – United Photovoltaics Group Ltd. issued HK$524.8 million of three-year 7.5% convertible bonds to China Merchants Fund Management Ltd. on Monday.
The company announced plans to issue HK$529 million of convertible bonds to China Merchants in January.
As previously reported, proceeds will be used to fund the Changzhou Guangyu New Energy Co. Ltd.’s capital expenditures and for general working capital purposes.
United Photovoltaics’ subsidiary United Photovoltaics (Changzhou) and China Merchants Yinke agreed to purchase 51% and 49%, respectively, of the equity interests in Changzhou Guangyu New Energy from China Merchants Trenda for about HK$27,356,414 and HK$26,283,614, respectively, on Jan. 23, according to a news release.
Also on Monday, United Photovoltaic agreed to issue $15 million (HK$116.25 million) of three-year 7.5% convertible bonds to an indirect non-wholly owned subsidiary of Fosun International.
Proceeds will be used for acquisitions of target companies owning solar power plants, according to a company news release.
The conversion price is HK$1.03 for both issues of convertible bonds.
United Photovoltaics Group is an investor and operator focusing on photovoltaics power plants in China. The company is based in Hong Kong.
| Issuer: | United Photovoltaics Group Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$524,803,199 and $15 million
|
| Maturity: | Three years
|
| Coupon: | 7.5%
|
| Conversion price: | HK$1.03
|
| Investor: | China Merchants Fund Management Ltd. (for HK$524.8 million); Fosun International (for $15 million)
|
| Settlement date: | April 20 (for $HK524,803,199)
|
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