The Management Board of Q-Cells SE (QCE.DE), the world’s largest solar
cell maker, has approved the issuance of guaranteed convertible bonds
in an effort to strengthen its balance sheet and liquidity position.
The planned aggregate issue size will be EUR 225 million with an option to expand an additional EUR 40 million.
The Bonds will be issued by Q-Cells International Finance B.V., a subsidiary of Q-Cells, and will be guaranteed by Q-Cells.
Q-Cells announced last week that it sold its stake in Renewable Energy Corportation (REC.OL) to raise EUR 530 million.
The company said this latest move "will enable it to maintain its
strong competitive position and to react flexibly to the challenges
created by the current market environment."
The conversion price of the bonds is to be set at a premium of
35% above the volume-weighted average XETRA price of Q-Cells’ ordinary
shares from launch until the time of pricing.
The maturity of the Bonds is expected to be 5 years.
The company said it intends to list the Bonds on the Open Market of the Frankfurt Stock Exchange.
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