China Ruifeng Renewable extends convertibles by one year; coupon at 10% for now

By Wendy Van Sickle

Columbus, Ohio, March 24 – China Ruifeng Renewable Energy Holdings Ltd. and holders of its convertible notes entered into extension agreements on Wednesday, according to a notice.

The amendment extends the maturity date to March 25, 2022 from March 25, 2021.

Also, the longstop date of the previous supplemental agreements was extended to April 24. Those supplemental agreements adjusted the conversion priced downward to HK$0.19 and increased the interest rate to 10% from 8%.

The company said these changes allow it to postpone substantial cash outflow, alleviating liquidity and working capital pressure this financial year and allow additional time for the shares’ performance to reach the adjusted conversion price.

The Hong Kong-based investment holding company’s main business is operating wind farms.

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