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Author: University of Salford Press Office.
May 15 (Renewables Now) - Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) has initiated a sale of 3.75 million American depositary shares (ADSs) and up to USD 85 million (EUR 75.9m) worth of convertible senior notes.
Up to 562,500 of additional ADSs will be issued if the over-allotment option is fully exercised, the company said in a press release on Tuesday. Each of the offered ADSs represents four ordinary shares at a par value of US 0.00002 apiece.
Separately, JunkoSolar is selling up to USD 85 million of 2024 convertible senior notes in a private placement among non-US parties. A preliminary prospectus supplement related to the notes placement has been filed with the Securities and Exchange Commission (SEC).
The two transactions are not contingent on one another’s closing, while both are subject to market conditions and other factors, JinkoSolar noted.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc have been hired as joint bookrunners for the ADS sale, where Roth Capital Partners LLC is acting as co-manger. The Chinese firm has mandated Credit Suisse Hong Kong Ltd as placement agent for the notes sale.
(USD 1.0 = EUR 0.893)
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