JA Solar repays bonds


JA Solar made the announcement that it has repaid at maturity $119 million, in principal and accrued interest, of its 4.5% convertible bond that was due.

JA Solar has been one of the Chinese companies in the spotlight of late with bonds maturing. There has been investor concern as well over the numerous Chinese solar companies and their ability to meet these payments.

LDK Solar defaulted on a $24 million bond that was due in April. This came a month after the announcement that Suntech Power Holdings defaulted on its payments.

JA Solar has managed now to break away from the defaulting trend. CEO of JA Solar Baofang Jin asserted the company’s commitment to meet all debt obligations adding, "While market conditions remain challenging, we are confident that JA Solar’s combination of industry-leading high-performance products and stringent financial management will make us a long-term winner in the global solar industry."