Hanwha SolarOne Hong Kong — a wholly-owned subsidiary of Chinese PV manufacturer Hanwha SolarOne — has entered into an agreement with Samsung Securities (Asia) and Kookmin Bank Hong Kong to issue three-year US$100 million floating rate notes outside the US.
The notes will be guaranteed by Hanwha Chemical Corporation and interest will be calculated based on the three-month London Interbank Offered Rate (LIBOR) rate. The notes will pay out at maturity on 15 January 2016. The company revealed that proceeds from the issuance will be used for “general working capital purposes”.
The notes may not be offered or sold in the US or to US persons.
Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented: “We are pleased to continue to have access to necessary capital to grow our business and manage our way through the current industry downturn. We believe our strong presence in the market, along with the backing of our parent, allows us to source capital both in mainland China and offshore. This new facility, combined with the recent US$475 million credit agreement with the Bank of Beijing to fund project development, gives us a solid foundation in required financial resources as we enter the year 2013.”