By Marisa Wong
Madison, Wis., May 19 – United Photovoltaics Group Ltd. said it intends to issue $100 million of 6.75% three-year convertible bonds to Citic Capital SIF Advisory Ltd. The companies entered into a term sheet on Tuesday.
The conversion price is HK$1.5928 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 19.
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 photovoltaic power plants in China.
| Issuer: | United Photovoltaics Group Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $100 million
|
| Maturity: | Three years
|
| Coupon: | 6.75%
|
| Redemption: | At 120 at maturity
|
| Conversion premium: | 10%
|
| Conversion price: | HK$1.5928
|
| Investor: | Citic Capital SIF Advisory Ltd.
|
| Pricing date: | May 19
|
| Stock symbol: | Hong Kong: 686
|
| Stock price: | HK$1.48 at close May 18
|
| Market capitalization: | HK$6.97 billion
|
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