Neo Solar signs USD-123.6m loan with Taiwanese banks
Aug 11, 2016 10:16 CEST
August 11 – Taiwanese firm Neo Solar Power Corp (TPE:3576), or NSP, said Wednesday it has secured a USD-123.6-million (EUR 112.3m) syndicated loan that will help pay back convertible bonds.
The photovoltaic (PV) cell and module maker signed the agreement in Hsinchu with ING BANK NV, which served as lead arranger and facility agent. Five other lenders participated, namely Mega International Commercial Bank, Chang Hwa Bank, Ta Chong Commercial Bank, Land Bank of Taiwan and Entie Commercial Bank.
Neo Solar explained that it received the three-year standby letter of credit for the issuance of its third overseas credit enhanced convertible bonds, with the USD 123.6 million representing almost 1.7 times oversubscription from the banks. The loan will help it repay the second overseas credit enhanced convertible bonds and to diversify its fund raising sources.
Taiwan Cooperative Bank, Taiwan Business Bank, Yuanta Commercial Bank, First Commercial Bank and Shin Kong Commercial Bank were the co-lead arrangers for the deal. First Commercial Bank also acted as security agent, according to the statement.
The Taiwanese PV equipment major closed the first half of 2016 with TWD 10.41 billion (USD 325m/EUR 295m) in revenues. This is 8.23% higher than in January-June 2015.
(USD 1.0 = EUR 0.909)
(TWD 10 = USD 0.312/EUR 0.284)
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