Trina Solar (TSL) Prices $120 Million of Convertible Notes

Posted by Tate Dwinnell | # |
10:57:51 am on July 18, 2008

Trina Solar (TSL) has priced an offering of $120 million of senior convertible notes due 2013 and up to 4073194 ADS shares and has granted the underwriters of the notes the right to purchase an additional $18 million.  Trina Solar intends to use the proceeds for the expansion of manufacturing lines for the production of silicon ingots, wafers, solar cells and solar modules, the purchase of raw materials, research and development and other purposes.

The stock is trading down nearly 10% on the news today but off the morning lows.

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