Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour Completes Cash Tender Offer for GCL New Energy
Mar 2023
On 23 March 2023, GCL New Energy Holdings Limited (451.HK) successfully completed its Offer to Purchase for cash, at a purchase price of US$0.95 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.

At the Expiration Deadline, the aggregate principal amount at face value of valid tender Instructions of the Notes received by the Company was US$36,381,555 and the Company has determined to accept for purchase all validly tendered Notes.

Following the completion of the transaction, the aggregate outstanding principal amount at face value of the Notes is US$248,090,017 (equivalent to US$209,693,397 with the pool factor applied).  The transaction is for the Company to comply with the Indenture which requires the Company to make the Significant Asset Sale Offer with a portion of the Significant Asset Sale Proceeds, firmly fulfilling its commitment to the investors. Since the issuance of the Notes, Admiralty Harbour has assisted the Company in successfully completing three cash tender offers, with accumulated repurchased amount of more than US$234 million.

Congratulations to GCL New Energy!