Trina Solar closes on convertible bond, follow-on stock offerings

Trina has not said what it plans to do with the capital it is raising
Trina has not said what it plans to do with the capital it is raising

Trina Solar Ltd. (Changzhou, China) has closed on its offering of USD 150 million convertible bonds and 8.8 million shares, which will net the company USD 146.3 million and USD 92.9 million respectively, before expenses related to the offerings.

As Trina has provided only partial detail regarding offering expenses, it is impossible at this time to calculate actual net proceeds. However the company says that it used USD 52.3 million of the proceeds from the note offering to pay the premium of zero-strike call options with initial purchasers.

Trina has not said what it plans to do with the proceeds of these offerings. However, the company plans to build 400-500 MW of solar photovoltaic (PV) projects over the course of 2014, which will require substantial capital from some source.

The convertible notes issued will mature in 2019, and were offered outside the United States and to institutional buyers. Trina has also granted underwriters options for USD 22.5 million in additional notes and 1.32 million shares, which together represent a gross value of USD 37 million.

 

 

2014-06-16 | Courtesy: Trina Solar | solarserver.com © Heindl Server GmbH

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