Hanwha arranges $70 million at-the-market offering via Credit Suisse

Company sells American Depositary Shares, representing ordinary shares

By Devika Patel

Knoxville, Tenn., Nov. 18 - Hanwha SolarOne Co. Ltd. said it arranged a $70 million at-the-market equity offering sales agreement with agent Credit Suisse.

The company plans to sell its American Depositary Shares, each of which represents five ordinary shares.

Proceeds will be used for technical upgrades to manufacturing processes and business diversification, including expansion of the company's downstream business, particularly in China.

The manufacturer of silicon ingots, silicon wafers, PV cells and PV modules is based in Shanghai.

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