Comtec Solar Systems has issued a convertible bonds for an aggregate principal amount of US$10 million due 2021 at an interest rate of 10% per annum to Putana Limited.
Assuming the conversion rights attached to the convertible bonds are fully exercised, the conversion shares would represent approximately 17.70 per cent of the issued share capital.
The net proceeds of about US$9.9 million will be used for providing funding for Future Energy Capital Group Limited and as general working capital.
The subscriber is a wholly-owned subsidiary of Ark Pacific Special Opportunities Fund I, L.P. (APSOFI), an investment fund principally engaged in special situations private equity investments in Asia.
Freshfields Bruckhaus Deringer advised a wholly-owned subsidiary of Ark Pacific on the deal with a team led by partner and global co-head of M&A Robert Ashworth (picture) and counsel Bing Guan. Additional support was provided by partner and Asia co-head of Global Transactions Andrew Heathcote.
Law Firms: Freshfields Bruckhaus Deringer LLP;
Clients: Ark Pacific;