China Ruifeng Renewable Energy (00527) said it agreed to place 8% convertible notes due 2017 in the aggregate principal amount of up to HK$171.6 million.
The maximum of 264 million conversion shares to be issued upon full conversion of the convertible notes represent about 12.8% of the enlarged issued share capital of Ruifeng Renewable Energy.
The initial conversion price of HK$0.65 per share represents a discount of about 5.8% over the closing price of HK$0.69.
The maximum net proceeds of about HK$168 million will be used as to about 50% for the consideration of the possible acquisition of 75% indirect equity interest in Suzlon Energy (Tianjin) Limited and other possible acquisition(s) and investments of the Group and to finance the Group's wind farm development and operation business; about 40% for the repayment of the outstanding loan borrowings of the Group; and about 10% as the Group's general working capital.
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