Singapore's sovereign wealth fund GIC subscribes to Green Dragon Gas bond
SINGAPORE'S sovereign wealth fund GIC has fully subscribed to the first tranche of US$35 million of the Green Dragon Gas (GDG) convertible bond issue.
GDG is an independent companies involved in the production and sale of CBM gas in China.
The bond is unsecured with a 7 per cent coupon, and is due in Dec 2015, convertible into ordinary shares at a conversion price of US$6.06 per share.
Green Dragon Gas plans to use the net proceeds to launch next year's drilling plan, and for working capital.