Canadian Solar to Issue $200 Million in Secured Convertible Notes in Private Placement With PAG

MT Newswires Live08-19

Canadian Solar (CSIQ) said Monday an Asia Pacific investment firm, PAG, is subscribing to a $200 million aggregate principal amount of secured convertible notes to be issued by Canadian Solar in a private placement.

The placement is expected to close in Q4.

The notes, maturing Dec. 31, 2029, will have an interest rate of 6% per year, payable quarterly in arrears, and note holders will have the right to require the company repurchase the notes which will be convertible at the holder's option into common shares shortly after Dec. 31, 2027 at an initial price of US$18.20 per share.

Canadian Solar said it plans to use the net proceeds to improve its capital structure, repay certain other indebtedness and invest in solar development projects.

Price: 14.50, Change: -0.25, Percent Change: -1.69

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