On 28 October 2022, GCL New Energy Holdings Limited (451.HK
) successfully completed its Offer to Purchase for cash, at a purchase price of US$0.83 per US$1 principal amount of the Notes plus accrued and unpaid interest, of its outstanding 10% Senior Notes due 2024. Admiralty Harbour acted as the sole Dealer Manager for the transaction.
The transaction is warmly welcomed by the holders amid turbulent market conditions. In light of the positive response to the Offer, the Company has determined to upsize the Maximum Tender Amount to accept for purchase in an aggregate principal amount outstanding at face value of US$145,000,000.
Following the completion of the Offer, the aggregate outstanding principal amount at face value of the Notes will be US$284,471,572 (equivalent to US$240,444,219 with the pool factor applied). Since the issuance of the Notes, the Company has redeemed or repurchased more than half of the original principal, and satisfied the early mandatory redemption obligation in advance.
Congratulations to GCL New Energy!