PAG invests $200m in GCL-Poly via CB

The privately negotiated deal comes amid rumours that the company was looking to sell convertible bonds to a broader group of investors in the public market.
GCL-Poly makes polysilicon and wafers for solar cells and also operates environmentally-friendly power plants.
GCL-Poly makes polysilicon and wafers for solar cells and also operates environmentally-friendly power plants.

Hong Kong-listed GCL-Poly Energy Holdings has raised $200 million from a privately negotiated sale of convertible bonds, according to an announcement over the weekend.

The deal came after the market was awash with rumours last week that the company, which makes polysilicon and wafers for solar cells and also operates environmentally-friendly power plants, was looking to issue a CB in the public market. The share price gained 8.9% on the back of such speculation to finish the week at HK$2.58, which was on par with the 21-month high that it reached in mid-October.

But rather than offer CBs to the wider market, GCL-Poly chose...

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