United PV Successfully Issued US$250 Million Senior Notes
China’s largest pure play solar power plant investor and operator — United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group) is pleased to announce that on January 18 2017, the Company successfully completed the issue of three-year US$250 million senior notes (the “Notes”). The Group intends to use net proceeds of the Notes for repaying part of the outstanding amounts under convertible bonds in order to continuously optimize the existing debt structure. The Notes is not only the first green energy bond issued for dealing with climate change purpose after the Paris Agreement entered into force, but also the first US bond issued by solar power enterprise. The Notes’ initial purchasers are all large international institutional investors, which indicates the international capital market’s affirmation and confidence on PV’s future development.
Despite the market volatility brought by disadvantageous news such as the US general election and the Federal Reserve’s potential raise of interest rates, the Company received great recognition and support from a number of international large investors, with order amount over US$600 million. The issue is laying a foundation for the Company to finance in the international capital market as a green energy enterprise. It will also equipped the Company with long-term and stable funds for business development, and further optimize capital structures and diversify financing channels.
With the effect of the Paris Climate Agreement, a green revolution will be prevailing around the world. As the leading solar energy enterprise, United PV will accelerate its pace to become a global new energy integration platform. With the issue of the Notes and the introduction of long-term strategic partner, United PV will be actively in support to national strategy “One Belt One Road”, speed up building its global resources network, and cooperate closely with reputable international enterprises and institutions in many ways as overseas new energy project acquisitions, technical and operational experience sharing, and financing channels expansion etc. United PV will seize the opportunities in the “Climate Era” and embrace even more breakthroughs in the near future.
The Company has appointed Morgan Stanley and Merrill Lynch International as the joint global coordinators. Morgan Stanley, Merrill Lynch International, Nomura, China Merchants Securities (HK) and CITIC CLSA Securities are the joint lead managers and joint bookrunners in respect of the offer and sale of the Notes.
