Solarfun prices ADS/CB offer despite share slump

The manufacturer of solar cells opts for an unusual deal structure that ensures there is enough stock borrow available to hedge the CB.

Nasdaq-listed Solarfun Power surprised some market watchers by completing a combined sale of convertible bonds and American depositary shares ADS after the US market closed on Wednesday, despite a continued decline in its share price.

On the day of pricing, the Chinese manufacturer of photovoltaic solar cells, modules and ingots fell 11.5% amid a sharp sell-off in the entire solar power sector, taking its total losses over the past 12 sessions to 55%. However, sources say the company needed the...

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