XIAMEN FIT IMPORT & EXPORT CO., LTD.
Suntech Power to raise US$300 mln from bonds
click rate:1975 issue time:2007-03-10 08:12
Feb. 8, 2007 (China Knowledge) – Suntech Power Holdings <STP>, the largest Chinese solar-cell maker by market value, said it planned to raise US$300 million by selling convertible bonds to help fund capacity expansion and refinance a loan.


The bonds, which are due 2012, could be swapped into cash, the firm's American depositary shares or a combination of both, Suntech said in a filing to the US Securities and Exchange Commission.


Suntech said it would use US$100 million of sale proceeds to expand production lines for photovoltaic cells and modules and US$50 million to buy raw materials.


Another US$100 million would repay a one-year bridge loan it borrowed last year for the acquisition of MSK Corp, a Japanese firm that makes photovoltaic modules that convert sunlight into electricity. The rest would be used for general corporate purposes.