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BUZZ-Canadian Solar slides after $200 mln convertible debt deal unveil

Reuters01-08

BUZZ-Canadian Solar slides after $200 mln convertible debt deal unveil

** Shares of renewable energy firm Canadian Solar CSIQ.O down 8.7% at $20.10 in extended trading as it seeks capital raise

** CSIQ announces private offering of $200 mln 5-yr convertible bonds

** Co says plans to use net offering proceeds for investments in U.S. manufacturing capacity, and in the value chain supporting battery energy storage and solar power solutions, and for working capital and general corporate purposes

** With ~67 mln shares outstanding, CSIQ has roughly $1.5 bln market cap, per LSEG data

** Shares closed down 6.2% at $22.02 on Weds. Stock has gained 54% over the past three months

** Of 12 analysts covering the CSIQ shares , recommendation breakdown is 3 "strong buy" or "buy", 4 "hold" and 5 "sell" or "strong sell"; median PT of $20 up from $11 on Nov 7 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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