GCL New Energy gives results of consent bid to amend 10% senior notes due 2024

By Rebecca Melvin

Concord, N.H., Feb. 9 – GCL New Energy Holdings Ltd. announced the results of its Jan. 26 consent bid to holders of its 10% senior notes due 2024 (ISIN: XS2350477308) to amend the note’s indenture, according to a company announcement.

The company said it received support from the majority of the holders of the notes with the requisite consents obtained before the expiration. Therefore, a supplemental indenture will be executed.

A consent fee is expected to be paid to consenting holders on Feb. 15.

As previously reported, there is $419,969,839 principal amount outstanding of the notes. The purpose of the solicitations is to amend the indenture to allow the company to pursue business opportunities that may not be available to it otherwise.

The proposals include amendments to the limitation on transactions with affiliates and the definition of permitted investment, clarifying the definition of permitted businesses to include hydrogen energy business and other types of clean energy and renewable energy.

The solicitation expired at 11 a.m. ET on Feb. 8.

The company planned to pay a consent fee of $0.002 for each $1 principal amount of notes.

Admiralty Harbour Capital Ltd. (+852 2110 11116, gelne@ahfghk.com) is the solicitation agent, and Lucid Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114) is the information and tabulation agent.

The company is focused on solar power generation and development and is located in Hong Kong.

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