Trina Solar raises USD 239m in securities offerings

Jun 12, 2014 - China’s Trina Solar Ltd (NYSE:TSL) said yesterday it had raised USD 239.2 million (EUR 177m) net from two separate offerings of bonds and American Depositary Shares (ADSs).

The photovoltaic (PV) modules maker will use most of the funds for general corporate purposes, such as solar project development, production capacity expansion and for working capital.

Trina Solar raised net USD 146.3 million from a convertible senior notes placement. The notes, due on June 15, 2019, will accrue interest at an annual rate of 3.5%, payable semi-annually. They will convert into ADSs at an initial price of about USD 14.30 per unit. Underwriters of the offering have 30 days to buy up to an additional USD 22.5 million in notes to cover over-allotments.

In addition, the Chinese firm received net proceeds of USD 92.9 million from the issue of 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.

Deutsche Bank Securities Inc, Barclays Capital Inc, JP Morgan Securities LLC and Goldman Sachs (Asia) LLC served as joint book-running managers for the ADS offering.

(USD 1.0 = EUR 0.739)

Choose your newsletter by Renewables Now. Join for free!