By Wendy Van Sickle
Columbus, Ohio, Jan. 23 – GCL New Energy Holdings Ltd. priced $500 million of three-year 7.1% senior notes on Tuesday, according to a company announcement.
BofA Merrill Lynch, Haitong International, Credit Suisse, Standard Chartered Bank, CLSA, Orient Securities (Hong Kong), VTB Capital and SPDB International acted joint lead managers and joint bookrunners for the Regulation S deal. BofA Merrill Lynch, Haitong International, Credit Suisse, Standard Chartered Bank and CLSA were the joint global coordinators.
There is a make-whole call at any time.
There is also an equity clawback for up to 35% of the notes at 107.1 at any time.
Proceeds will be used to for the development of business operations, to repay bank loans, including the company’s Credit Suisse term loan, and for other general corporate purposes.
GCL New Energy offers solar plant operation and maintenance through its subsidiaries. The company is based in Hong Kong.
| Issuer: | GCL New Energy Holdings Ltd.
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| Amount: | $500 million
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| Maturity: | Jan. 30, 2021
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| Description: | Senior notes
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| Bookrunners: | BofA Merrill Lynch, Haitong International, Credit Suisse, Standard Chartered Bank, CLSA (joint global coordinators) with Orient Securities (Hong Kong), VTB Capital and SPDB International (additional joint bookrunners, joint lead managers)
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| Coupon: | 7.1%
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| Call option: | Make-whole call at any time
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| Equity clawback | For up to 35% at 107.1 at any time
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| Trade date: | Jan. 23
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| Settlement date: | Jan. 30
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| Ratings: | Moody’s: Ba3
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| S&P: B+
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| Distribution: | Regulation S
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