By Marisa Wong
Madison, Wis., July 21 – GCL-Poly Energy Holdings Ltd. announced that its wholly owned subsidiary, GCL-Poly (Suzhou) New Energy Co., Ltd., issued RMB 1.15 billion of short-term and medium-term notes on Monday.
The company priced RMB 650 million of one-year bonds at par to yield 5˝% and RMB 500 million of three-year bonds at par to yield 7%.
Proceeds will be used for general working capital and to repay bank loans.
GCL-Poly Suzhou had registered to issue RMB 1.3 billion of short-term notes and RMB 2.5 billion of medium-term notes in May.
GCL-Poly Energy is a green energy supplier based in Hong Kong. Its Suzhou subsidiary holds the majority of the group’s wafer production plants in China.
| Issuer: | GCL-Poly (Suzhou) New Energy Co., Ltd.
|
| Issue: | Short-, medium-term notes
|
| Amount: | RMB 1.15 billion
|
| Settlement date: | July 20
|
|
|
| Short-term notes
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| Amount: | RMB 650 million
|
| Maturity: | July 20, 2016
|
| Coupon: | 5˝%
|
| Price: | Par
|
| Yield: | 5˝%
|
|
|
| Medium-term notes
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| Amount: | RMB 500 million
|
| Maturity: | July 20, 2018
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
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