Trina Solar issues $100 million convertible notes


Chinese PV giant Trina Solar has begun selling $100 million in convertible notes and issuing additional American depositary shares (ADSs).

The company will grant underwriters a 30-day option to buy up to an additional $15 million in notes, which are in 2019. Trina said it would also loan 5 million ADSs under a concurrent offering to affiliates of the underwriters.

Trina added that lending the American depository shares would not result in share dilution. The size of the depository share offering would ultimately depend on the amount of the notes offering allocated to investors, who will be able to hedge their investment in the notes, it said.

The share borrowers will be required to return the borrowed shares by the maturity date of the notes – October 15, 2019. The borrowers will receive all of the proceeds from the sale of the borrowed shares. While Trina will not receive any proceeds from the offering of the borrowed shares, it will receive a nominal lending fee from the borrowers.

In addition, Trina plans to sell another 2 million ADSs, each representing 50 ordinary Trina shares and has granted ADS underwriters a 30-day option to purchase as many as 1.05 million American depository shares.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.