UPDATE— SPI Energy Co., Ltd. Amends Terms of December 2014 Convertible Bond Financing
July 06 2018 - 9:08AM
SPI Energy Co., Ltd. (“SPI Energy” or the
“Company”) (NASDAQ:SPI), a global provider of renewable energy
solutions and cryptocurrency miner hosting services for business,
residential, government and utility customers and investors, today
announced that it entered into an amendment agreement with respect
to the Company’s convertible bond financing from December
2014.
On December 15, 2014, the Company announced
that it had entered into a definitive agreement (the “CB
Agreement”) with Union Sky Holdings Group
Limited pursuant to which the Company issued a convertible
promissory note with a principal amount of US$20
million to a special purpose vehicle of Union Sky (the “SPV”)
in December 2014. The convertible promissory note had a
maturity date of June 28, 2016.
On February 14, 2017, the Company announced that it
had entered into an amendment agreement (the “1st Amendment”) with
the SPV to extend the maturity date of the note, pursuant to which
agreement the repayment of US$6.6 million, US$6.7
million and US$6.7 million of the principal amount
of the note would be due by April 2017, January 2018
and January 2019, respectively.
However, the Company has not made any repayment
pursuant to 1st Amendment. On June 29, 2018, the Company entered
into another amendment agreement (the “2nd Amendment”) with the SPV
and Magical Glaze Limited (the “MGL”), a company incorporated under
the laws of British Virgin Islands, pursuant to which agreement the
SPV has transferred all the rights and obligations under the CB
Agreement and 1st Amendment to MGL, and the maturity date of the
note was extended. According to the 2nd Amendment, the repayment
of US$6.6 million, US$6.7 million and US$6.7
million of the principal amount of the note and interest
thereon is due by December 2019, June 2020
and December 2020, respectively.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of
renewable energy solutions and cryptocurrencies miner hosting
service for business, residential, government and utility customers
and investors. SPI Energy focuses on the EPC/BT, storage
and O2O PV market including the development, financing,
installation, operation and sale of utility-scale and residential
PV projects
in China, Japan, Europe and North America.
The Company operates an online energy e-commerce and investment
platform in China, B2B e-commerce platform offering a range of
PV, storage products in Australia as well as online
platform (Umining.io) offering global VIP miner hosting service.
The Company has its operating headquarters in Hong
Kong and maintains global operations
in Asia, Europe, North
America and Australia.
For additional information, please
visit: http://investors.spisolar.com For investors and
media inquiries please contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spisolar.com
Source: SPI Energy Co., Ltd.
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