Jinko issues convertible bonds of $1.48 billion

Chinese solar group Jinko Solar Holding Co. Ltd. has announced the issuance of up to ten billion renminbi yuan ($1,48 billion) in convertible bonds by its operating subsidiary Jinko Solar Co. Ltd. (Jiangxi Jinko). The bonds at a term of six years are to be registered on the Shanghai Stock Exchange and convertible into shares of the company. The net proceeds of the bonds, the issuance of which is subject to approval by the stock exchange and regulatory authorities, are to be used for »construction and development of certain solar cell and module production projects« and as working capital.
Jinko Solar Holdings said it currently holds 58.6 percent of Jiangxi Jinko. For the convertible bonds, the company has »special preemptive rights« to subscribe for an undisclosed portion of its own. Earlier in July, the company had announced a $200 million share buyback program. Jinko Solar currently operates production capacity of 40 gigawatts annually for wafers and cells and 50 gigawatts for modules at 12 sites.
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