SPI Energy extends maturity of convertibles in three installments

By Marisa Wong

Morgantown, W.Va., Feb. 16 – SPI Energy Co., Ltd. said it has extended the maturity date of its convertible bond issued in December 2014. The company originally issued a $20 million convertible promissory note due June 28, 2016 to Union Sky Holdings Group Ltd.

According to a Thursday press release, the company has not repaid any part of the note.

As a result, the company entered into an agreement with a special purpose vehicle of the investor to repay the note in installments of $6.6 million, $6.7 million and $6.7 million due by April 2017, January 2018 and January 2019, respectively.

The investor has the option to convert the outstanding amounts under the note into equity interest in the company at a conversion price per ordinary share equal to the weighted average daily closing price of the company’s American Depositary Shares from Jan. 30, 2016 to Feb. 10, 2016.

The solar power company is based in Shanghai.

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