Chinese solar cell manufacturer Suntech Power Holdings Co. Ltd. (NYSE: STP) has raised $500 million in a public debt offering – senior notes are due in 2012.
The notes will pay 0.25% interest per year and will be convertible into cash, the company’s U.S.-traded shares or a combination of cash and stock. Suntech said the stock conversion would take place at a price of about $48.76 per share.
Suntech raised its offering this month to $425 million, up from $300 million, due to strong demand. Initial buyers exercised an option to buy an additional $75 million in notes.
The company plans to use $150 million of the proceeds to expand its solar cell manufacturing capacity, for raw materials and to pay back a $100 million loan.
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