Trina Solar Limited (NYSE: TSL), an integrated manufacturer of photovoltaic products, priced an offering of $120 million aggregate principal amount of senior convertible notes due 2013 and up to 4,073,194 American depositary shares (ADSs), which are being borrowed by an affiliate of Credit Suisse Securities (USA) LLC, one of the joint bookrunners of the notes offering.
Trina Solar has also granted to the underwriters of the notes offering an option to purchase up to an additional $18 million aggregate principal amount of the notes to cover over-allotments.
Trina Solar intends to use the net proceeds of the notes offering for the expansion of manufacturing lines for the production of silicon ingots, wafers, solar cells and solar modules, the purchase of raw materials, research and development and other general corporate purposes.
The notes will pay interest semi-annually at the annual rate of 4.00% and will mature in July 2013. The notes will be convertible into ADSs at an initial conversation rate of 29.5159 ADSs per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $33.88 per ADS.
Holders of the notes may require Trina Solar to repurchase all or a portion of the notes in 2011. Holders of the notes may also require Trina Solar to repurchase all or a portion of the notes upon certain fundamental changes.
Credit Suisse Securities (USA) LLC, ABN AMRO Bank N.V., London Branch, and Deutsche Bank Securities Inc. act as joint bookrunners for the notes offering. Credit Suisse Securities (USA) LLC acts as sole bookrunner for the ADS offering.
About Trina Solar Limited
Trina Solar Limited, through its subsidiary Changzhou Trina Solar Energy Co. Ltd, is a well recognized manufacturer of modules. Trina Solar is currently one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules.
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