Canadian Solar begins conversion offer for 6% convertibles

By Jennifer Chiou

New York, May 27 - Canadian Solar Inc. announced a conversion offer for its $75 million of 6% convertible senior unsecured notes due Dec. 15, 2017 at an increased conversion rate.

The company said it is looking to reduce its ongoing fixed-interest obligations and improve the trading liquidity of its common shares by increasing the number of available outstanding shares.

The offer ends at 5 p.m. ET on June 24.

When the notes were issued, the conversion price was set at $19.76 and the conversion ratio was set at 50.6073.

For each $1,000 principal amount, in addition to the 50.6073 common shares, holders converting their securities will also receive $117 in the form of additional common shares at the volume-weighted average price of Canadian Solar's common shares for the 10 trading days from June 3 to and including June 16.

Georgeson Inc. is the information agent (800 223-2064).

Canadian Solar is a Markham, Ont.-based solar power components producer. It conducts all of its manufacturing operations in China.

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