Canadian Solar targets up to USD 230m from convertible notes sale
New Canadian Solar factory in Brazil. Image by Investe Sao Paulo (www.investe.sp.gov.br)
Canadian Solar Inc (NASDAQ:CSIQ) seeks to raise up to USD 230 million (EUR 194.4m) from an offering of convertible notes in a bid to support certain expansion plans.
The solar products maker and project developer said on Wednesday it will sell USD 200 million in convertible senior notes and grant the underwriters of the deal a 30-day option to buy an additional USD 30 million. The bonds will be senior, unsecured obligations and will mature on October 1, 2025. They are not redeemable before October 6, 2023, but after that date, they can be redeemed for cash, either in full or partly.
Funds from the placement will be earmarked for general corporate purposes, which may include the expansion of the company’s solar product manufacturing capacity, the development of solar power projects and working capital.
The transaction is subject to market and other conditions, Canadian Solar said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.