-- GCL Technology (HKG:3800) unit GCL Solar Star Investment completed a $148 million debt offering, the firm said in a Hong Kong filing Thursday.
The solar materials manufacturer's shares were down over 2% in late morning trade Friday.
The unit sold 6.95% guaranteed convertible bonds due 2027 that can be exchanged for shares of GCL Technology at an initial rate of HK$1.21 per conversion share.
Assuming full conversion, the bonds would net 958.6 million GCL Technology shares, representing 2.80% of the business on an enlarged basis.
The convertible bonds were listed in Vienna.
Proceeds from the debt offering will be used for general corporate purposes and repayment of debts, GCL Technology said.