Proposed Issue of Convertible Bonds
March 21 2007 - 3:33AM
UK Regulatory
RENESOLA LTD
PROPOSED ISSUE OF CONVERTIBLE BONDS
The Directors of ReneSola Ltd (the "Company") (AIM: SOLA) are pleased to
announce the proposed issue of Renminbi-denominated, US dollar-settled 1.00 per
cent. convertible bonds due 2012 (the "Convertible Bonds") which are
convertible into fully paid-up new shares (the "New Shares") in the capital of
the Company (the "Offering").
Deutsche Bank AG, Hong Kong Branch ("Deutsche Bank") has been appointed as the
placing agent for the Offering. On 21 March 2007, the Company and Deutsche Bank
entered into a placing agreement relating to the Offering (the "Placing
Agreement"). Under the terms of the Placing Agreement, RMB 928,740,000
(approximately US$120 million) principal amount of the Convertible Bonds will
be placed by Deutsche Bank with institutional and professional investors.
The Convertible Bonds will be issued at par and are convertible into New Shares
at a price of �5.88 per share ("Conversion Price"), subject to adjustment for
specified dilutive events. The Convertible Bonds will not be admitted to
trading on AIM or any other stock exchange.
The Convertible Bonds may be converted into New Shares at the option of the
holder at any time on and after 10 April 2007 up to the close of business on 11
March 2012. The Convertible Bonds will accrue interest at 1.00 per cent. per
annum, payable on a semi-annual basis. The Company has the option to redeem all
the Convertible Bonds at an early redemption amount with accrued interest (1)
at any time, if less than 10 per cent. of the Convertible Bonds originally
issued in the Offering remain outstanding, (2) at any time after the second
anniversary, if the closing price of the Company's shares was at least 130 per
cent. of the early redemption amount divided by the conversion ratio, or (3) at
any time upon certain changes relating to applicable taxation law. Holders of
the Convertible Bonds have the option to require the Company to redeem all or
some of their Convertible Bonds at a certain redemption amount plus accrued
interest on the third anniversary. Holders of the Convertible Bonds also have
the option to require the Company to redeem all or some only of their
Convertible Bonds at the early redemption amount plus accrued interest upon the
occurrence of a change of control or a delisting of the Company's shares.
The number of New Shares to be allotted and issued by the Company on full
conversion of the Convertible Bonds is approximately 10,485,683 based on the
Conversion Price, which represents approximately 9.49 per cent. of the current
issued shares of the Company following the Offering. The Company has undertaken
to make a block listing application to AIM in respect of the 10,485,683 New
Shares which may be issued and allotted following conversion of the Convertible
Bonds.
The Company intends to use the proceeds of the Offering for capital
expenditure, working capital and general corporate purposes. The closing date
for the Offering is expected to be on or about 26 March 2007.
The Company is currently in discussion with certain lenders, including Deutsche
Bank, regarding a potential loan for working capital purposes.
The Company now expects that the preliminary results for the year ended 31
December 2006 will be announced during the week commencing 23 April 2007.
In this announcement, exchange rates of US$1 : RMB 7.7395 and �1 : RMB 15.0633
have been used.
ReneSola Ltd Deutsche Bank AG
Charles Bai, CFO Rowena Chu, Managing Director
Tel: +86 573 477 3061 Head of Equity Capital Markets, Asia
Email: charles.bai@renesola.com Tel: +852 2203 8989
Hanson Westhouse Limited Charles Ryland/Suzanne Brocks/Catherine
Breen
Tim Feather
Buchanan Communications
Tel: +44 113 246 2610
Tel: +44 20 7466 5000
This announcement does not constitute an offer to sell, or the solicitation of
an offer to buy, any security and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale would be
unlawful.
This announcement is not an offer of securities for sale in the United States.
The securities referred to herein may not be offered or sold in the United
States absent registration or an exemption from registration requirements under
the U.S. Securities Act of 1933. Any public offering of the securities to be
made in the United States will be made by means of a prospectus that may be
obtained from the issuer and that will contain detailed information about the
company and management, as well as financial statements.
This announcement is directed only at persons in member states of the European
Economic Area who are qualified investors within the meaning of Article 2(1)(e)
of the Prospectus Directive (2003/7/EC) ("Qualified Investors"). This
announcement is only directed at (i) persons who are outside the United Kingdom
or (ii) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or
(iii) high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together with Qualified Investors being referred to as "relevant
persons"). The securities are only available to, and any invitation, offer or
agreement to subscribe, purchase of otherwise acquire such securities will be
engaged in only with, relevant persons. Any person who is not a relevant person
should not act or rely on this announcement or any of its contents.
HK29759.4
HK29759.4
END
Renesola (LSE:SOLA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Renesola (LSE:SOLA)
Historical Stock Chart
From Aug 2023 to Aug 2024
