Neo Solar Power seeks OK to add redemption terms to 0% convertibles

By Susanna Moon

Chicago, Aug. 12 – Neo Solar Power Corp. is proposing to add a mandatory redemption provision to its $120 million of credit enhanced currency-linked zero-coupon convertible bonds due 2017.

Neo Solar will ask for noteholder approval to amend the terms of the notes at a meeting, according to a company notice.

Specifically, the amended terms would require the company to redeem all of the convertibles at the settlement equivalent of their early redemption amount if the company or its subsidiaries issue securities outside the Republic of China that are either convertible into or exchangeable for shares.

The tabulation agent is Citibank, NA, London Branch (+44 (0) 207 508 3867, exchange.gats@citi.com or debtxportal.issuerservices.citigroup.com). The consent solicitation agents are Daiwa Capital Markets Hong Kong Ltd. and ING Bank NV, Hong Kong Branch.

The convertibles benefit from a standby letter of credit issued by ING Bank NV, Taipei Branch.

Neo Solar Power said on Aug. 4 that it plans to issue up to $120 million of 0% three-year overseas credit enhanced convertible bonds at par to repay its second issue of overseas credit enhanced convertible bonds.

The solar cell manufacturer is based in Hsinchu, Taiwan.

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