By Marisa Wong
Madison, Wis., May 18 – United Photovoltaics Group Ltd. said it intends to issue $50 million of 6.75% three-year convertible bonds to a large-scale state-owned financial institution. The companies entered into a term sheet on Monday, according to a company announcement.
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.
Details on the investor have been kept confidential and will only be disclosed when the issue takes place, the announcement noted.
United Photovoltaics is a Hong Kong-based investor and operator focusing on photovoltaics power plants in China.
| Issuer: | United Photovoltaics Group Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $50 million
|
| Maturity: | Three years
|
| Coupon: | 6.75%
|
| Redemption: | At 120 at maturity
|
| Conversion premium: | 10%
|
| Conversion price: | HK$1.5554
|
| Pricing date: | May 18
|
| Stock symbol: | Hong Kong: 686
|
| Stock price: | HK$1.42 at close May 15
|
| Market capitalization: | HK$7.02 billion
|
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