Hedge fund manager Och-Ziff Capital Partners has agreed to invest $150 million in Hong Kong-listed Xinyi Glass through a so-called Pipe deal a private investment in a public-listed entity. It will also subscribe to five-year warrants and a bond option in Xinyi Glass’s unlisted subsidiary Xinyi Solar at a value of $30 million.
The combined deal will allow the Chinese glass manufacturer to replenish its capital at a lower cost than it would be able to in the public markets, and will give Xinyi Solar the means to repay a shareholder’s loan after plans for an initial public offering were called off late last year.
Xinyi Glass...
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