Sunpower Group issues US$110m convertible bonds
If fully converted at the initial conversion price, the bonds will give subscriber 28.23% equity stake
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Singapore
MAINBOARD-listed Sunpower Group, which designs and builds energy saving products in China, has secured a substantial investment from a fund owned by China-focused private equity firm CDH Investments.
The fund's vehicle, Glory Sky Vision Limited, will subscribe to US$110 million of convertible bonds, convertible into new shares at an initial conversion price of S$0.50 per share - or 21.8 times trailing 12-month earnings.
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