Renewable-Energy-Industry.com

Business World of Renewable Energy

IWR Reuters News Center RTL 103 0347 1280 256

Jinko Solar Announces Pricing of Concurrent Offerings

Shanghai, China

The Notes will be convertible into ADSs at an initial conversion rate of 21.8221 ADSs per 1,000 US-Dollar principal amount of the Notes (equivalent to an initial conversion price of approximately 45.825 US Dollar per ADS), subject to adjustments under certain circumstances. The initial conversion price for the Notes represents an approximately 30.0 percent conversion premium over the ADS Offering price of 35.25 US-Dollar per ADS. The Notes will accrue interest at an annual rate of 4.00 percent. Interest on the Notes will be payable semiannually in arrears on February 1 and August 1 of each year, beginning August 1, 2014. The Notes will mature on February 1, 2019, unless previously repurchased or converted in accordance with their terms prior to such date. Jinko Solar intends to use the net proceeds from these offerings for general corporate purposes, which may include expanding manufacturing capacity, the development of solar power projects and working capital. The Company's management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes than what it currently intends. Pending any ultimate use of any portion of the proceeds from the offerings, the Company intends to invest the net proceeds in short-term, marketable instruments. Credit Suisse is acting as sole book-running manager for the ADS Offering and the Notes Offering. Jinko Solar has granted Credit Suisse a 30-day option to purchase up to an additional 562,500 ADSs in connection with the ADS Offering and another 30-day option to purchase up to an additional 20.0 million US-Dollar aggregate principal amount of the Notes in connection with the Notes Offering. The closing of the Notes Offering is contingent upon the closing of the ADS Offering, and the closing of the ADS Offering is contingent upon the closing of the Notes Offering.



Source: IWR Online, 17 Jan 2014

 


Companies