By Marisa Wong
Madison, Wis., May 18 – United Photovoltaics Group Ltd. said it intends to issue $100 million of 6.75% three-year convertible bonds to Credit Suisse AG, Singapore Branch. The companies entered into a term sheet on Monday.
The conversion price is HK$1.5554 per share. The conversion price is a 10% premium to the average closing share price for the last five trading days immediately prior to May 18.
The notes are redeemable at 120 at maturity.
Proceeds will be used to finance the acquisition of solar power plants in China.
United Photovoltaics is a Hong Kong-based investor and operator focusing on photovoltaics power plants in China.
Issuer: | United Photovoltaics Group Ltd.
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Issue: | Convertible bonds
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Amount: | $100 million
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Maturity: | Three years
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Coupon: | 6.75%
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Redemption: | At 120 at maturity
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Conversion premium: | 10%
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Conversion price: | HK$1.5554
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Investor: | Credit Suisse AG, Singapore Branch
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Pricing date: | May 18
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Stock symbol: | Hong Kong: 686
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Stock price: | HK$1.42 at close May 15
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Market capitalization: | HK$7.02 billion
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