Goldpoly New Energy Issues $50M Convertible Bonds

Hong Kong-listed Chinese solar power station operator Goldpoly New Energy Holdings Limited says it issued convertible bonds due 2016 in an aggregated principal amount of US$50 million.

The purchasers include a subsidiary of China Orient Asset Management Corporation, a subsidiary of Fosun Group and three funds run by the U.S.-based asset management firm York Capital Management.

The Arranger is Credit Suisse.

The 5% secured guaranteed convertible bonds issued are convertible into shares at an initial conversion price of HK$1.60 per conversion share.

Assuming full conversion, the convertible bonds will be convertible into approximately 242,187,500 conversion shares, representing approximately 12.44% of the issued share capital of the company and approximately 11.07% of the enlarged issued share capital of the company as at the date of this press release.

Additionally, the company has the right to increase the aggregated principal amount of convertible bonds to US$100 million within two months after it entered into the Subscription Agreement.

The Arranger and purchasers enjoy the preemptive rights to subscribe for additional convertible bonds.

Goldpoly New Energy is engaged in the investment, development and operation of solar power stations in the PRC, and has a polysilicon solar cell factory in Quanzhou, Fujian Province, PRC.

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