Q-Cells raises EUR 128.7m in convertible bond placement
(ADPnews) - Oct 20, 2010 - German solar technology company Q-Cells SE (ETR:QCE) announced today it had fully placed its five-year convertible bond, raising gross proceeds of EUR 128.7 million (USD 177.6m).
The company has issued 29 million bonds and offered them at a price of EUR 4.38 apiece. The coupon rate stands at 6.75% a year.
The company aims at reorganising its financial structure via the new bond issue, which is the second measure the company has recently taken for achieving that goal. Earlier, Q-Cells launched a EUR 127 million rights issue, which boosted its equity capital by 50%.