Suntech aims to sell $300 million of convertible bonds
The company's share price falls 5% on news of the issue, which is marketed with a conversion premium of up to 30%.
Suntech Power intends to raise $300 million from the sale of five-year convertible bonds which it will use partly to finance an expansion of its production lines and to repay a bridge loan obtained in connection with the August acquisition of JapanÆs MSK Corp.
Marketing of the bonds began after the close of New York trading on Tuesday and the pricing will be determined at the end of trading tonight February 8. The bonds are convertible into SuntechÆs Nasdaq-listed...
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