United Photovoltaics (Changzhou) Investment Raises Additional USD15 Million in Private Placement of 6.72% Bonds Due 2020

Published: Aug 10 2017
Deal Summary

United Photovoltaics (Changzhou) Investment Co., Ltd., a company engaged in the development and operation of solar power plants and wholly-owned subsidiary of Panda Green Energy Group Limited, has completed the private placement of 6.72% corporate bonds, due August 10, 2020, for additional gross proceeds of CNY100 million (USD14.9 million), bringing the total proceeds to CNY300 million (USD44.72 million).

Earlier on July 25, 2017, United Photovoltaics completed the private placement of 6.72% corporate bonds, due July 25, 2020, for gross proceeds of CNY200 million (USD29.82 million). The bonds were sold at 100% of the principal amount of the corporate bonds. The bonds will be traded on the Shanghai Stock Exchange after issue.

GF Securities Co., Ltd. acted as underwriter to the company for the offering.

The company intends to use the proceeds to refinancing of certain of the group’s existing indebtedness.

Deal History:

Planned: On May 8, 2017, United Photovoltaics intends to issue corporate bonds in an aggregate amount of not more than CNY1000 million (USD145.6 million).

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