GCL New Energy accepts $36.38 million tendered 10% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., March 22 – GCL New Energy Holdings Ltd. announced final results of its March 13 offer to purchase for cash up to a total of $49.8 million of its $284,471,572 outstanding 10% senior notes due 2024 (ISIN: XS2350477308).

The company reported that as of the expiration time of noon ET on March 21, $36,381,555 of the total principal amount outstanding had been tendered and accepted for purchase.

As previously reported, the company is offering to purchase the notes at a purchase price of $0.95 per $1 principal amount, plus accrued interest to but excluding the settlement date.

Settlement is slated for March 23.

Admiralty Harbour Capital Ltd. (attn.: capital markets and advisory; fax +852 2110 1116; gclne@ahfghk.com) is the dealer manager.

Kroll Issuer Services Ltd. (+44 20 7704 0880 or +852 2281 0114; gclnewenergy@is.kroll.com; https://deals.is.kroll.com/gclnewenergy) is the information and tender agent.

The Hong Kong-based company is focused on solar power generation and development.

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