Neo Solar sells $120m CB

The Taiwanese solar power company is raising money to buy raw materials.

Neo Solar sells $120m CB
Neo Solar's headquarters in Hsinchu, Taiwan

Taiwan’s biggest solar cell maker Neo Solar Power raised $120 million through a convertible bond on Thursday evening thanks to the support of ING, which provided a standby letter of credit to reassure investors.

The three-year deal offered no coupon and no yield, and a modest 10% conversion premium. The company said that it will use the proceeds to buy raw materials such as silicon wafers, which make up more than half the cost...

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