China Ruifeng Renewable amends, extends convertibles to May 15

Chicago, Feb. 10 – China Ruifeng Renewable Energy Holdings Ltd. announced amendments to its convertible notes, extending the maturity and increasing the interest rate, among other changes.

On Feb. 10, according to a notice, the company and all of the noteholders entered into the third deed of amendment.

The amendment further extends the maturity date to May 15 from Dec. 15, 2019.

The interest rate has been increased to 12% from 10%, effective Dec. 15, 2019.

The company is additionally required to pay interest accrued from Dec. 15, 2019 to May 15 in advance.

The amendment also states that the convertibles notes will no longer be convertible into conversion shares upon signing of the third amendment.

The noteholders have agreed to waive any and all events of default that may have arisen prior to the date of the third amendment deeds.

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

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