China Knowledge reported that GCL-Poly Energy Holdings Ltd the largest polysilicon producer in China plans to issue CNY 1.5 billion worth of notes due in 2018 to Chinese institutional investors.

The company said in a statement filed with the Hong Kong Stock Exchange that the notes with a coupon rate of 7.05% in the first five year will be issued through Jiangsu Zhongneng a wholly owned subsidiary of GCL-Poly Energy.

Interest will be paid annually and the notes be listed on the Shanghai Stock Exchange instead of the Hong Kong Stock Exchange.

Proceeds from the deal will be used to expand polysilicon capacity and upgrade technology.

(Sourced from China Knowledge)