NSP Priced USD 120 Million Third ECB Offering and Received over Two Times Subscription from Investors

Neo Solar Power Corporation (“NSP”, or “the Company”, publicly listed on Taiwan Stock Exchange, Ticker: 3576 TT), a world-class leading integrated PV solution provider with expertise in high conversion efficiency products and global solar system development capabilities in Hsinchu, Taiwan priced its third Credit Enhanced Zero Coupon Convertible Bonds (“ECB”) at 10:00pm on Oct.18th, Taipei Time and planned to issue on Oct. 27th. NSP received over two times subscriptions from investors with total expected gross proceeds of US$120 million (or about NT$3,804 million).

NSP’s ECB was priced at NT$18 per share with 10.4% premium based on the closing share price of NT$16.3 per share on Oct. 18th. According to the ECB offering circular, the maturity date will be October 27th, 2019, being 3 years from the issue date.

NSP commented “This ECB Offering will bring overseas funding of USD 120 million for NSP. We are delighted that NSP’s investment story is well recognized by international investors from Europe, America and Asia. In this offering, we have successfully met our fund raising objective, improved the visibility of our company to global investors, and enhanced our corporate profile. There’ve been noises about solar industry outlook recently and China government’s new solar energy policy. However, in light of long-term development of renewable energy is the global trend, investors still show great confidence in NSP’s future performance and placed over two times subscription orders for their recognition of NSP’s strong position in the industry & future strategies”

The Company’s ECB will be listed on the Singapore Stock Exchange by the end of October. Daiwa Capital Markets Hong Kong Limited and ING Bank N.V., Hong Kong Branch are Bookrunner and Joint Global Coordinators for the offering. The use of proceeds from this offering will include repayment of 2nd ECB and bank loans to accelerate NSP future development on global solar system projects and new business.