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China's Panda Green to issue USD 260m of new notes

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

January 21 (Renewables Now) - China's Panda Green Energy Group Ltd (HKG:0686) plans to issue USD 260 million (EUR 234m) worth of 8% guaranteed senior notes due 2022.

The renewable energy company has entered into a subscription and placing agreement on January 17 with China Merchants Union (BVI) Ltd and Wealthy Marvel Enterprises Ltd, as subscribers, and with CMB International Capital Ltd as placing agent. The latter is an indirect unit of state-owned China Merchants Group Ltd (CMG), which in turn is an indirect substantial shareholder of Panda Green. CMG also owns 30% stakes in each of the subscribers.

The company plans to use the net proceeds of the transaction, estimated at about USD 258 million, to pay back certain existing notes. It said it views the issuance of new notes as a way to improve its debt structure, extend its debt maturity profile, strengthen its balance sheet and improve cash flow management.

Also on January 17, Panda Green announced that the 58 plants owned by the company and its associates have produced a total of 631,006 MWh of electricity in the final quarter of 2019 compared to 777,577 MWh in October-December 2018.

For the full year, the group registered 3,172,870 MWh of total power production. The combined installed capacity of the plants operated by the group and its associates amounted to 1,959 MW as at the end of December 2019. All of the facilities are located in China, including 440 MW in Inner Mongolia.

(USD 1.0 = EUR 0.901)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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