suntech-aims-to-sell-300-million-of-convertible-bonds

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 American Depositary Shares or into cash or a combination of cash and shares, at the option of the issuer, according to a company release.

The CB, which carries a greenshoe that could increase the...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222