NEW YORK, Jan. 26 /PRNewswire-Asia/ -- China Hydroelectric Corporation ("CHC" or the "Company," NYSE: CHC, CHC WS) announced today the pricing of its initial public offering of 6,000,000 units priced at $16.00 per unit, which will yield aggregate gross proceeds of $96,000,000, before underwriting discounts and commissions and other expenses of the offering. Each unit consists of one American Depository Share ("ADS") priced at $14.80 and one redeemable warrant priced at $1.20. Each ADS represents three ordinary shares and each warrant entitles the holder to purchase three ordinary shares for an exercise price of $15.00. In addition, CHC has granted the underwriters a 30-day option to purchase an additional 900,000 units from the Company to cover any over-allotments.
The American Depository Shares and Warrants began trading today, January 25, 2010, on the NYSE under the ticker symbols "CHC" and "CHC WS," respectively.
Broadband Capital Management LLC served as lead manager and sole bookrunner. I-Bankers Securities Inc. served as co-lead manager. The offering of these securities will be made only by a prospectus, copies of which may be obtained by contacting Broadband Capital Management LLC, 712 Fifth Avenue, 22nd Floor, New York, NY 10019, or by telephone at 212-277-5312.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About China Hydroelectric Corporation
China Hydroelectric Corporation ("CHC" or the "Company") is a consolidator, operator and developer of small hydropower projects in China. The Company currently owns 100% of eleven operating hydropower projects, and has a controlling interest in another operating hydropower project. These projects are located in four provinces: Zhejiang, Fujian, Yunnan and Sichuan.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, our future operating results, our expectations regarding the market for our products and/or services, our expectations regarding the continued growth of our industry, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Prospectus. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Company:
Mary Fellows, EVP and Secretary
China Hydroelectric Corporation
Phone: +1-860-435-7000
Email: mfellows@chinahydroelectric.com
Investor Relations:
HC International, Inc.
Scott Powell
Phone: +1-917-721-9480
Email: scott.powell@hcinternational.net
