Trina Solar redeems all convertible debt

Jul 17, 2013 - China-based Trina Solar Ltd (NYSE:TSL) today said it now had no outstanding convertible debt after it redeemed all of its outstanding convertible senior notes on July 15, the due date.

The solar products maker placed USD 138 million (EUR 105m) of bonds in 2008 and began repurchasing the remaining amount of the notes in the closing quarter of 2011. At the end of March 2013, Trina Solar had about USD 84 million of the notes outstanding. Since the end of the first quarter it has bought back USD 27 million and now it has redeemed it in full, including all accrued but unpaid interest.

Last month, the EU decided to introduce import duties of between 37.2% and 67.9% on Chinese solar panels, cells and wafers. It soon became clear that Trina would receive an anti-dumping duty of 51.5% from August 6 if the ongoing discussions between China and the European Union (EU) do not result in a compromise.

(USD 1 = EUR 0.761)

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