Marmen to restart wind tower production for 350-MW Quebec project
Sep 18, 2024 16:11 CESTSolar panels and battery solutions provider Canadian Solar Inc (NASDAQ:CSIQ) expects to raise USD 200 million (EUR 181m) in a private placement of secured convertible notes with Asia Pacific investment firm PAG.
Under the terms of a newly signed deal, PAG will subscribe for convertible notes of the above-mentioned amount to be issued by Canadian Solar, secured against certain pledges provided by the subsidiaries of the company.
Canadian Solar said in a statement that it plans to use the net proceeds to optimise its capital structure, pay back some of its debt and invest in solar projects.
"The Notes offer us a flexible financing solution that aligns with both our capital requirements and business objectives. This transaction paves the way for long-term strategic collaboration with PAG in solar and in clean energy,” commented Shawn Qu, chairman and CEO of Canadian Solar.
The notes will bear an interest rate of 6% per annum, due on December 31, 2029. The noteholders will have the right to require the company to repurchase the notes shortly after December 31, 2027. The notes could be converted into common shares at the holder's option at an initial conversion price of USD 18.20 apiece.
The transaction should close in the fourth quarter of 2024, subject to closing conditions.
(USD 1.0 = EUR 0.906)
Marmen to restart wind tower production for 350-MW Quebec project
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