suntech-boosts-the-size-of-maiden-cb-and-closes-it-early

Suntech boosts the size of maiden CB and closes it early

The company raises at least $425 million from the bond issue, which is priced at the aggressive end of guidance.
Suntech Power received very strong demand for its maiden convertible bond, which prompted the bookrunners to close the deal a full day ahead of schedule and increase the maximum size by almost 40%.

In the end, the designer and manufacturer of solar cells and modules issued $425 million worth of bonds with an option to sell an additional $75 million if the demand in the secondary market proves to be solid as well. The initial plan was for a base size of $300 million with a $60 million upsize option.

From the companyÆs point of view, the bonds were also priced at the most aggressive end of the indicated ranges, suggesting investors werenÆt particularly price...
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