Yingli completes CB while shareholders cash in
The equity portion of the deal is cut by 20% as one seller decides to part with fewer shares than planned.
Solar power company Yingli Green Energy Holding was able to raise $150 million from the sale of five-year convertible bonds yesterday, while a group of existing shareholders cashed in $173.6 million worth of shares.
Both parts of the deal saw pretty strong demand, which allowed the yield and the conversion premium on the CB to be fixed at the tight end, from the companyÆs point of view, while the price on the equity portion was fixed at the mid-point of...
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