JinkoSolar subsidiary to issue $1.5b convertible bonds
Proceeds will serve as Jiangxi Jinko’s working capital, amongst others.
Jiangxi Jinko, a majority-owned principal operating subsidiary of JinkoSolar Holding, is planning to issue around $1.5b (RMB10b) convertible bonds to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board.
In a statement, JinkoSolar said the bonds have a six-year term and are convertible into Jiangxi Jinko’s ordinary shares.
Net proceeds will be used for the construction and development of solar cell and module production projects and as working capital.
JinkoSolar said the completion of the proposed issuance is subject to review by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission.
It has a 58.62% equity interest in Jiangxi Jinko and holds special preemptive rights to subscribe to a portion of the proposed bonds.
$1 = RMB6.75