GCL New Energy launches tender offer for some 10% notes due 2024

By Marisa Wong

Los Angeles, March 13 – GCL New Energy Holdings Ltd. announced it has begun an offer to purchase for cash up to a total of $49.8 million of its $284,471,572 outstanding 10% senior notes due 2024 (ISIN: XS2350477308).

The company said it may increase the offer cap at its discretion.

The company is offering to purchase the notes at a purchase price of $0.95 per $1 principal amount, plus accrued interest to but excluding the settlement date.

The offer will expire at noon ET on March 21.

Settlement is slated for March 23.

Admiralty Harbour Capital Ltd. (attn.: capital markets and advisory; fax +852 2110 1116; gclne@ahfghk.com) is the dealer manager.

Kroll Issuer Services Ltd. (+44 20 7704 0880 or +852 2281 0114; gclnewenergy@is.kroll.com; https://deals.is.kroll.com/gclnewenergy) is the information and tender agent.

The Hong Kong-based company is focused on solar power generation and development.

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