By Marisa Wong
Madison, Wis., June 3 – United Photovoltaics Group Ltd. announced it issued $100 million of 7% three-year convertible bonds at par to Driven Innovation Ltd., a wholly owned subsidiary of China Huarong International Holdings Ltd., on Wednesday.
The conversion price is HK$1.3134 per share. The conversion price is a 10% premium to HK$1.194, the average closing share price for the last five trading days immediately prior to May 28.
The notes are redeemable at 120 at maturity.
Proceeds will be used as general working capital for the acquisition, development, construction, maintenance and operation 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
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| Amount: | $100 million
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| Maturity: | Three years
|
| Coupon: | 7%
|
| Price: | Par
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| Yield: | 7%
|
| Redemption: | At 120 at maturity
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| Conversion premium: | 10%
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| Conversion price: | HK$1.3134
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| Investor: | Driven Innovation Ltd.
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| Pricing date: | May 28
|
| Settlement date: | June 3
|
| Stock symbol: | Hong Kong: 686
|
| Stock price: | HK$1.53 at close May 27
|
| Market capitalization: | HK$7.16 billion
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