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...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition