Herbert Smith Freehills has advised GCL-Poly Energy Holdings Limited, China's largest polysilicon and solar wafer producer, on its US$200 million 0.75% convertible bonds due 2018.

The bonds are proposed to be listed on the Singapore Exchange and represents GCL-Poly's very first convertible bonds offering.

The bonds, which are convertible into ordinary shares of Hong Kong-listed GCL-Poly, have been subscribed by PA International Opportunity III Limited, a fund managed by PAG (formerly known as Pacific Alliance Group). GCL-Poly also granted an option to investor to subscribe for additional convertible bonds of up to US$28.2 million at any time on or before 20 December 2013.

Herbert Smith Freehills Hong Kong and Singapore partners Tommy Tong and Philip Lee jointly led on the deal. They were assisted by senior associate Gareth Deiner and associate Nupur Kant in Singapore, and Hong Kong associates Elisa Leung, Athena Young and Kai Sun.