In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share. The warrants will expire two years from the date of the closing, on December 10, 2017. This term loan is being used for general corporate purposes.
"We are pleased with the positive outcome of this transaction and we appreciate the confidence of the lenders in our business," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The buildout of our high value solar project pipeline in the U.S. as well as other markets is proceeding according to plan, positioning us well to create lasting value for our shareholders in the quarters ahead."
