ENP Newswire -
Release date- 06062014 -
The Company also priced the concurrent offering of 8,800,000 American Depositary Shares (the 'ADSs'), each representing 50 ordinary shares of the Company, par value of
The closing of the Notes Offering is contingent upon the closing of the ADS Offering, and the closing of the ADS Offering is contingent upon the closing of the Notes Offering. The offerings are expected to close on
The Notes will be convertible into ADSs at an initial conversion rate of 69.9301 ADSs per
Interest on the Notes will be payable semi-annually in arrears on
The remainder of the net proceeds from the Notes Offering will be used for general corporate purposes, which may include the development of solar power projects and their general financing requirements, expansion of manufacturing capacity and working capital. The Company's management will retain broad discretion over the use of proceeds, and may ultimately use the proceeds for different purposes than what is currently intended.
In connection with the Notes Offering, the Company entered into zero-strike call options (the 'call options') with one or more of the initial purchasers (or their affiliates) of the Notes Offering (the 'option counterparties'). The call options are intended to facilitate the hedging of their investments by the investors in the Notes.
The Company has been advised that, in connection with establishing their initial hedge of the call options, the option counterparties (or their affiliates) expect to enter into one or more derivative transactions with respect to the ADSs with purchasers of the Notes concurrently with or after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the ADSs or the Notes at that time.
In addition, the option counterparties (or their affiliates) may modify their hedge positions by entering into or unwinding one or more derivative transactions with respect to the ADSs and/or purchasing or selling ADSs or other securities of the Company in secondary market transactions at any time, including following the pricing of the Notes and shortly after the maturity of the Notes (and, the Company has been advised, are likely to unwind their derivative transactions and/or purchase or sell ADSs in connection with any conversion, repurchase or redemption of the Notes).
These activities could also cause or avoid an increase or cause or avoid a decrease in the market price of the ADSs or the Notes.
The Notes have been offered to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside
For more information, please visit www.trinasolar.com
Tel: + (86) 519-8517-6823
Tel: + (86) 519-8517-6878
Tel: + (86) 10-5960-8600
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