GCL TECH Subsidiary to Issue $148 Million Convertible Bonds with 6.95% Annual Interest Rate

Stock News04-29

GCL TECH (03800) announced that on April 29, 2026 (after trading hours), the issuer (its wholly-owned subsidiary GCL PV Star Investment Limited), the company (as guarantor for the issuer), and the manager entered into an agreement. The issuer will issue convertible bonds with a total principal amount of $148 million. The issue price of the bonds will be 100% of their principal amount, with a denomination of $200,000 per bond. The initial conversion price is set at HK$1.21 per share, representing a premium of approximately 27.37% over the closing price of HK$0.95 per share on the Hong Kong Stock Exchange on the agreement date. Assuming full conversion at the initial price of HK$1.21 per share and based on a fixed exchange rate, the bonds can be converted into 958,562,976 new shares. These conversion shares represent about 2.89% of the company's existing issued share capital and approximately 2.80% of the enlarged issued share capital post-conversion (assuming no other changes in share capital). The net proceeds from the bond issuance, estimated at $145 million, are intended for general corporate purposes and debt repayment.

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