GCL New Energy to partially redeem 10% senior notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., March 29 – GCL New Energy Holdings Ltd. will use $10,786,719 remaining proceeds from a significant asset sale offer which closed on March 23 to redeem an equivalent amount of its outstanding 10% senior notes due 2024 (ISIN: XS2350477308), according to a company announcement.

The redemption will be at par plus accrued interest on March 31. The amount of accrued interest will be about $0.016667 on each $1 principal amount of the notes.

The redemption price for all outstanding notes will total $10,966,501.2455, or about $1.016667 for each $1 principal amount.

Bank of New York Mellon, London Branch is the trustee and the paying agent.

Interest will cease to accrue on the redeemed notes on and after redemption.

As of March 29, the outstanding principal amount of the notes is $209,693,397, being $248,090,017 outstanding principal amount at face value with a pool factor applied because of the redemption on Jan. 25, 2022.

After the upcoming redemption, $198,906,678 will remain outstanding, with the total principal amount of the notes at face value outstanding remaining unchanged.

The company is focused on solar power generation and development and located in Hong Kong.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.