Sunergy raises $50 million from upsized CB

The small-cap solar cell manufacturer attracts decent demand during the two-day marketing period, but fortunes are reversed as its share price tumbles almost 20% after pricing.

China Sunergy has become the latest Chinese solar power company to sell convertible bonds in the US to raise funds to expand its production capacity. It is also the first Asia-based issuer to sell CBs in three weeks with the market having turned sour after Olam InternationalÆs $300 million issue on June 4. Those bonds are now trading at about 93% of face value.

Sunergy, a small-cap solar cell manufacturer which has been listed on Nasdaq since May 2007, sold...

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