Canadian Solar pockets USD 220m from selling converitble notes

Canadian Solar Inc (NASDAQ:CSIQ) has secured USD 223 million (EUR 189.5m) in net proceeds from its recently-launched offering of convertible senior notes.

The company announced the completion of the placement on Wednesday, saying it was met with strong investor interest and participation. It plans to use the fresh proceeds to expand its solar product manufacturing capacity and finance its pipeline of solar power projects. "This transaction gives us additional financial resources to step up our expansion plans and benefit from the accelerating demand growth for solar energy and the supply consolidation in the industry,” said chairman and CEO Shawn Qu.

The deal included an offering of USD 230 million worth of 2.50% convertible senior notes plus a 30-day option given to the underwriters to buy an additional USD 30 million, which was exercised in full. The notes mature in 2025.

Part of the raised funds were allocated for discounts, commissions and transaction costs.

(USD 1.0 = EUR 0.850)

Choose your newsletter by Renewables Now. Join for free!