CHINA: JinkoSolar Holding Co. Ltd. announced that Jinko Solar Co. Ltd has successfully completed the issuance of six-year bonds with a principal amount of RMB800 million.
The bonds bear a fixed annual interest rate of 8.99 percent and will mature on January 29, 2019. The interest rate is based on current one year Shibor (Shanghai Interbank Offered Rate) of 4.40 percent plus 459 basis points (4.59 percent).
At the end of the third year in the life of the bonds, Jiangxi Jinko has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require Jiangxi Jinko to repurchase all or part of their bonds upon Jiangxi Jinko's announcement of whether or not it decides to raise the interest rate, and by how much, at such time.
The bonds were approved by the Chinese National Development and Reform Commission's (NDRC) Financial Division. Industrial Securities acted as the lead underwriter and book runner for the bonds and the underwriters provided standby commitment. The proceeds from the issuance of the bonds will be used for capital expenditure and working capital purposes.
"We are extremely proud to be the first solar company approved to issue corporate bonds in China this year," stated Kangping Chen, CEO of JinkoSolar. "This round of fund raising reflects strong market confidence in our long-term growth potential and sustainable business development."
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