CGN Power to issue A share convertible corporate bonds

CGN Power Co. Ltd. has announced the issuance of A Share Convertible Corporate Bonds to non-specific investors following approvals from the China Securities Regulatory Commission (CSRC). The company will issue 49,000,000 A Share Convertible Corporate Bonds, with a nominal value of RMB100 each, resulting in an aggregate value of RMB4.9 billion. These bonds will be issued at nominal value, with an initial conversion price set at RMB3.67 per share. The bonds have a term of six years, commencing on July 9, 2025, and concluding on July 8, 2031. The coupon rate starts at 0.2% for the first year, increasing incrementally to 2.0% in the sixth year. Existing A Shareholders can subscribe to a maximum of approximately 48,972,057 A Share Convertible Corporate Bonds through preferential placement, representing approximately 99.9430% of the total issuance.