Canadian Solar to make private offer for $75M
Canadian Solar Inc. (Nasdaq: CSIQ) said it plans to make a private offer of approximately $75 million of its convertible senior notes, which are due in 2017.
The manufacturer and marketer of solar module products said it intends to use the net proceeds from the offering for working capital, general corporate purposes and potential future acquisitions.
The small cap will also grant the initial purchaser of the notes an option to purchase up to an additional $11.25 million in aggregate principal amount of the notes to cover overallotments.
Shares of Canadian Solar (CSIQ) edged down 2.15%, or $0.37, to $16.85 ahead of the opening. Shares of Canadian Solar have been trading in the range of $6.50 to $18.88 for the past 52 weeks.
