Trina Solar greenshoe fully exercised, lifts 4% five-year convertibles to $138 million

By Devika Patel

Knoxville, Tenn., July 24 - Underwriters for Trina Solar Ltd.'s 4% five-year convertible senior notes exercised their over-allotment option in full for $18 million more of the debentures, increasing the size of the issue to $138 million, the company said in a press release.

As previously reported, the company sold the convertibles at par on July 17, after the close, via joint bookrunners Credit Suisse Securities (USA) LLC; ABN Amro Bank NV, London Branch; and Deutsche Bank Securities Inc.

The notes have a conversion premium of 21%, a conversion price of $33.88 and a conversion ratio of 29.5159.

They will be non-callable and may be put in the third year.

The notes will have takeover and dividend protection.

Trina Solar, a Changzhou, China-based maker of solar-power products, said it will use about $90 million of the proceeds to expand its manufacturing lines for silicon ingots, wafers, solar cells and solar modules. It will use another $20 million to buy raw materials, and the remaining proceeds will be used for research and development and general corporate purposes.

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