SHANGHAI, Feb. 4, 2013 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a leading global solar power product manufacturer, today announced that Jinko Solar Co., Ltd. ("Jiangxi Jinko"), one of the Company's wholly owned subsidiaries, has successfully completed the issuance of six-year bonds with a principal amount of RMB800 million. The bonds bear a fixed annual interest rate of 8.99% and will mature on January 29, 2019. The interest rate is based on current one year Shibor (Shanghai Interbank Offered Rate) of 4.40% plus 459 basis points (4.59%).
At the end of the third year in the life of the bonds, Jiangxi Jinko has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require Jiangxi Jinko to repurchase all or part of their bonds upon Jiangxi Jinko's announcement of whether or not it decides to raise the interest rate, and by how much, at such time. The bonds were approved by the Chinese National Development and Reform Commission's ("NDRC") Financial Division. Industrial Securities acted as the lead underwriter and book runner for the bonds and the underwriters provided standby commitment. The proceeds from the issuance of the bonds will be used for capital expenditure and working capital purposes.
"We are extremely proud to be the first solar company approved to issue corporate bonds in China this year," stated Mr. Kangping Chen, Chief Executive Officer of JinkoSolar. "This round of fund raising reflects strong market confidence in our long-term growth potential and sustainable business development."
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a leading global solar power product manufacturer with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing China; Munich, Germany; Bologna, Italy; Montpellier, France; Zug, Switzerland; San Francisco, U.S.; Queensland, Australia; Ontario, Canada and Singapore.