The company’s proposed senior note swap is set to go down to the wire.
Image: Nathan Hughes Hamilton/Flickr
Chinese polysilicon manufacturer GCL-Poly yesterday warned the holders of $500 million of three-year senior notes due to mature on Saturday they would trigger a cross-default if they refuse to swap the investments for new three-year notes.
The company has asked holders of the notes to postpone settlement for a further three years and to sign away opposition to a proposed debt restructure in the event the senior note swap fails to take take place.
GCL gave investors until yesterday to sign up for the deal but was forced to extend the deadline until Friday, with the notes set to mature on Saturday.
The company told investors on Friday, ahead of a vote on a solar project sell-off next month which could generate RMB2 billion ($309 million), it had debts of RMB7.16 billion to settle by June 30.
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The group’s solar cell and module manufacturing business, GCL System Integration Technology Co Ltd yesterday announced it raised RMB2.51 billion in a private shares placement on Thursday.
A post on the Cision PR Newswire, attributed to GCL System Integration yesterday stated the unit had issued 773 million shares priced at RMB3.25 ($0.50) each to 14 institutional investors.
State-owned investor JIC Capital Management made the biggest outlay, buying RMB1 billion of stock with local government entities Hefei Dongcheng Industry Investment Co Ltd and Peixian Economic Development Zone Development Co Ltd committing RMB800 million ($124 million) and RMB200 million, respectively, according to the report.
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Source: pv magazine
