renesola-issues-renminbidenominated-convertible

ReneSola issues renminbi-denominated convertible

The London-listed solar-power company raises $120 million from a privately placed deal to fund ongoing capacity expansion.
March 21, 2007
ReneSola, a Chinese manufacturer of wafers and ingots for solar cells, has raised $120 million from a private placement of renminbi-denominated but US-dollar settled convertible bonds which it will use primarily for capital expenditures and working capital.

Barring any other unknown private deals, this is only the second renminbi-linked CB available to international investors after Hong Kong-listed Hopson Development in January issued $225 million worth of bonds denominated in the Chinese currency. Those bonds too were settled in US dollars to get around the fact that the renminbi isnÆt fully convertible.

ReneSola, which is listed in London but has its manufacturing base in ChinaÆs Zhejiang province, chose to issue the bonds in...
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