Shunfeng Photovoltaic International is planning to issue convertible bonds totalling US$296.6 million to support its PV project business plans.
Handling the transaction is Partners Capital, owned by Shunfeng’s majority shareholder and property magnate, Cheng Kin-ming.
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The bond is expected to carry an interest rate of 4% per annum payable semi-annually in arrears, carrying a conversion price of HK$10.00 per share, according to a financial statement.
Shunfeng stated that as of 23 March 2014, the company had a grid-connected PV project portfolio totalling 890MW, with an expected designed capacity of 1,718MW.
The company has plans to have 10GW of grid-connected annual designed capacity by the end of 2016.
The acquisition of Wuxi Suntech was intended to supply PV modules for its pipeline activities.
