Suntech Power raises $500 million from upsized CB
The bonds are priced with a 36% conversion premium after the stock has fallen 66% since late December.
US-listed solar power play Suntech Power has raised $500 million from its second convertible bond in just over a year, making good use of the fact that many investors feel the sell-off in the stock has been too aggressive.
Disappointing full-year earnings from several solar power players, including Suntech itself, and a shift from high-beta stocks to less ôriskyö paper amid concerns about a US slowdown, has led to a 66% collapse in its share price since reaching a...
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