Trina Solar beats peers to market with $160 million follow-on

The deal is priced at a tight 1.4% discount after the share price falls 11% during the 24-hour marketing period as investors adjust to the dilution.

Trina Solar, an integrated Chinese solar power company involved in the production of ingots and wafers as well as solar cells and modules, raised $160 million from a follow-on offering at the end of last week, becoming the first US-listed solar power company to raise fresh capital in the equity markets this year.

The company is cash-rich at the end of 2009 it held $406 million of cash and cash equivalents and has enough funds to cover its capital expenditure this year, which made the timing of the deal somewhat opportunistic. Some observers welcomed the fact that the company was making an early move to secure funding for its expansion in 2011, while others...

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