By Marisa Wong
Madison, Wis., May 27 – United Photovoltaics Group Ltd. disclosed on Wednesday that it will issue at par HK$1.26 billion 7.5% three-year secured convertible bonds to Chinastone Capital Management Ltd. and $15 million of 7.5% three-year secured convertible bonds to a subsidiary of Fosun International Ltd. under subscription agreements dated April 17 and April 20, respectively.
The conversion price for both tranches of bonds is HK$1.03 per share. The conversion price is a 29.45% discount to the HK$1.46 closing share price on May 22.
The notes will be redeemed 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 photovoltaic power plants in China.
| Issuer: | United Photovoltaics Group Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | HK$1.26 billion, $15 million (HK$116.25 million)
|
| Maturity: | Three years
|
| Coupon: | 7.5%
|
| Redemption: | At 120 at maturity
|
| Conversion premium: | 29.45%
|
| Conversion price: | HK$1.03
|
| Investors: | Chinastone Capital Management Ltd. (HK$1.26 billion), Fosun International Ltd. subsidiary ($15 million)
|
| Pricing dates: | April 17, April 20
|
| Announcement date: | May 27
|
| Stock symbol: | Hong Kong: 686
|
| Stock price: | HK$1.46 at close May 22
|
| Market capitalization: | HK$7.25 billion
|
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