Trina Solar prices notes, ADS offerings

Jun 6, 2014 - China’s Trina Solar Ltd (NYSE:TSL) today priced its planned USD-150-million (EUR 110m) notes offering and the separate sale of American Depositary Shares (ADSs), saying it would use the funds for general corporate purposes.

The photovoltaic (PV) modules maker said that the notes, due on June 15, 2019, will accrue interest at an annual rate of 3.5%, payable semi-annually in arrears on June 15 and December 15 of each year, starting this December. The notes will be convertible into ADSs at an initial conversion price of about USD 14.30 per unit. Underwriters will have 30 days to buy up to an additional USD 22.5 million in notes to cover over-allotments

As per the ADS offering, the company will sell 8.8 million ADSs at USD 11.00 apiece. Each ADS represents 50 ordinary shares. Trina Solar has given the underwriters of this transaction an over-allotment option of 1.32 million ADSs valid for a 30-day period.

The company said it will use the majority of the new proceeds from the two offerings for general corporate purposes, including for developing solar projects, expanding production capacity and for working capital.

The completion of each transaction is contingent upon the closing of the other. They are seen to be wrapped up on June 11. Deutsche Bank Securities Inc, Barclays Capital Inc, JP Morgan Securities LLC and Goldman Sachs (Asia) LLC are serving as joint book-running managers for the ADS offering.

(USD 1.0 = EUR 0.733)

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