China Singyes Solar Technologies to Raise USD160 Million in Private Placement of 6.75% Notes Due 2018

Published: Oct 11 2017
Deal Summary

China Singyes Solar Technologies Holdings Limited, a developer of green building technology, renewable energy application, new materials and solar PV integrated ecological agricultural products, has announced a private placement of 6.75% senior notes due October 17, 2018, for aggregate gross proceeds of USD160 million. The company intends to receive net proceeds of approximately USD157.8 million.

The notes will be issued at 100% of the principle amount. Interest on notes will be paid semi-annually on April 18, 2018 and October 17, 2018. Pursuant to the offering, the notes will only be offered to professional investors outside the US in compliance with Regulation S of the Securities Act. None of the notes will be offered to the public in Hong Kong and connected persons of the company.

The notes will be guaranteed by the subsidiary guarantors and JV subsidiary guarantors on a senior basis, subject to certain limitations. The initial subsidiary guarantors will be Singyes Green Investment (HK) Company Limited, Singyes Green Energy Technologies (HK) Limited, Basic Force Group Limited, Top Access Management Limited, Singyes Engineering (M) Sdn.Bhd., Macao Singyes Renewable Energy Technology Co., Ltd., SunTreasure Group Corp., Singyes Green Energy Holdings Limited, Singyes Green Energy Investments Limited, Singyes Green Building Technology Pte. Ltd., and Singyes Engineering (H.K.) Company Limited.

The company may redeem the notes, as a whole but not in part, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the company for redemption, if the company or a subsidiary guarantor or a JV subsidiary guarantor (if any) would become obligated to pay certain additional amounts as a result of certain changes in specified tax laws or certain other circumstances. No later than 30 days following a change of control, the company will make an offer to repurchase all outstanding notes at a purchase price equal to 101% of their principal amount plus accrued and unpaid interest, if any, to (but not including) the offer to purchase payment day.

BOCI Asia Limited, The Hongkong and Shanghai Banking Corporation Ltd and Guotai Junan Securities (Hong Kong) Limited are acting as joint global coordinators, joint lead managers and joint book runners to the company for the offering.

The company intends to use the net proceeds to refinance existing indebtedness and for general working capital purposes.

The offering is subject to market conditions and investors’ interest and is expected to be completed by October 18, 2017.

Deal History:

Planned: On October 9, 2017, China Singyes Solar Technologies planned a private placement of US dollar denominated senior notes.

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