Bailed-out Chinese solar project developer and building-integrated PV manufacturer Singyes Solar has acquired more than US$18.6 million worth of senior notes issued in a US$415 million fundraising exercise in December.
The Guangdong-based company issued the notes on the Singapore stock exchange on December 19, announcing the move a day later. The fundraising exercise came after the heavily-indebted Hong Kong-listed business received a HK$1.55 billion (US$200 million) bail-out from Beijing-owned Water Development (HK) Holding Co Ltd in early November.
The Singyes board announced yesterday it had repurchased US$18.4 million of the notes and had also recovered US$240,125 of notes which were unclaimed in the fundraising exercise.
The company said it would cancel and write off the value of the US$18.6 million worth of notes and did not indicate the reason for the repurchase or whether it planned to acquire more of the issued notes, which are due to mature on December 19, 2022.