North Coast Solar Stocks

May 21, 2009

Suntech Announces Follow-on Public Offering of 20,000,000 ADSs

Filed under: STP — Tags: , , , — Jason @ 6:59 am

Thursday May 21, 2009, 6:59 am EDT

SAN FRANCISCO and WUXI, China, May 21 /PRNewswire-Asia/ — Suntech Power Holdings Co., Ltd. (“Suntech” or the “Company”) (STP), the world’s largest manufacturer of crystalline silicon photovoltaic (PV) modules, today announced that it intends to offer, subject to market and other conditions, 20,000,000 American Depositary Shares (“ADSs”), each representing one ordinary share of the Company. The Company intends to grant to the underwriter an option to purchase up to 3,000,000 additional ADSs to cover over-allotments.

The Company intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, for working capital and general corporate purposes, including repurchases and redemptions of its existing securities such as the repurchase obligation under its 0.25% Convertible Senior Notes Due 2012 issued in February 2007. 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.

UBS Investment Bank (as Global Coordinator and Stabilization Agent), Goldman Sachs (Asia) L.L.C. and Deutsche Bank Securities Inc. will act as underwriters for the offering.

The offering will be made under the Company’s shelf registration statement filed with the Securities and Exchange Commission on May 21, 2009. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Company’s F-3 registration statement and preliminary prospectus supplement are available from the SEC website at: http://www.sec.gov .

Copies of the preliminary ADS prospectus supplement and the accompanying prospectus may be obtained from UBS Investment Bank by calling toll-free at 888-827-7275, ext. 3884 or contacting 299 Park Avenue, New York, New York, 10171, Attention: Prospectus Department; Goldman, Sachs & Co. by calling toll-free at 866-471-2526, facsimile at +1-212-902-9316 or contacting 85 Broad Street, New York, NY, 10004 Attention: Prospectus Department; and Deutsche Bank Securities Inc. by calling toll-free at 1-800-503-4611 or contacting 100 Plaza One, Jersey City, New Jersey, 07311, Attention: Prospectus Department.

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: