United PV to sell USD 50m in bonds for solar acquisitions
May 8, 2015 19:08 CEST
May 8 – United Photovoltaics Group Ltd (HKG:0686) said Thursday it plans to issue USD 50 million (EUR 44.4m) of convertible notes to finance the potential purchase of solar power capacity in China.
Hong Kong-based United PV, part of investor and plant operator China Merchants New Energy Group (CMNE), signed on May 7 a non-legally binding term sheet with BC Global Asset Management Ltd, which will subscribe for the bonds. The group, which develops and operates solar plants, did not give details about the targeted assets.
The three-year bonds have an annual interest rate of 7%. They will be convertible into shares at HKD 1.327 (USD 0.17/EUR 0.15) apiece.
The transaction is subject to several customary conditions, including the signing of a definitive agreement after conducting a due diligence report and obtaining all relevant approvals, United PV noted.
(USD 1.0 = EUR 0.889)
(HKD 1.0 = USD 0.129/EUR 0.115)
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