$40 million offering closed by BVI-registered A-Power Energy

A-Power Energy Generation Systems Ltd., a BVI-registered company providing distributed power generation systems in China, has announced the closing on $40 million offering of senior convertible notes.

The proceeds of the deal are to be used primarily for purchasing components for A-Power’s wind turbine assembly business. The notes will mature in five years, and will be initially convertible at $10.637 per common share for a total amount of 1.5 mln common shares. The BVI company said it can redeem the notes starting from November 19, 2011, at 110 per cent of the principal amount, plus any accrued and unpaid interest.

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