Message #4 From:
NewsBot Date: June 29, 2008 06:22:20 AM
CSIQ Stock: Canadian Solar Inc. Announces Final Results and Settlement of Conversion Offer for its 6.0% Convertible Senior Notes due 2017
JIANGSU, China, June 27 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ('CSI')
(Nasdaq: CSIQ stock) announced today the final results and settlement of its
conversion offer (the 'Offer') with respect to its 6.0% Convertible Senior
Notes due 2017 (the 'Notes'). CSI had offered an increased conversion rate of
53.6061 to holders who elected to convert their Notes into CSI common shares
in accordance with the terms of the Offer. The Offer expired at 5:00 p.m.,
New York City time, on Tuesday, June 24, 2008.
CSI accepted for conversion all Notes that were validly surrendered and
not withdrawn as of the expiration of the Offer. Based on the final count by
The Bank of New York, the conversion agent for the Offer, $74,000,000
principal amount of Notes, representing approximately 98% of the outstanding
Notes, were surrendered and accepted for conversion. In addition to the
common shares issuable upon conversion pursuant to the terms of the Notes, the
holders who surrendered their Notes for conversion will also receive a cash
adjustment for fractional shares upon conversion.
An aggregate of approximately 3,966,841 common shares will be issued and a
total cash amount of $404.67 will be paid in the settlement of the Offer.
Upon such issuance and payment, $74,000,000 principal amount of the Notes will
be cancelled.
Details of the Offer were set forth in a Tender Offer Statement on
Schedule TO, conversion offer memorandum and other related materials filed
with the Securities and Exchange Commission on May 27, 2008, as amended and
supplemented from time to time, which are available on the SEC's website at
http://www.sec.gov . Piper Jaffray & Co. acted as CSI's financial advisor in
connection with the Offer. Georgeson Inc. acted as information agent, and The
Bank of New York acted as conversion agent.
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated
manufacturer of solar cell, solar module and custom-designed solar application
products serving customers worldwide. CSI is incorporated in Canada and
conducts all of its manufacturing operations in China. Backed by years of
experience and knowledge in the solar power market and the silicon industry,
CSI has become a major global provider of solar power products for a wide
range of applications. For more information, please visit
http://www.csisolar.com .
For more information, please contact:
In Jiangsu, P.R. China Alex Taylor, IR Director Canadian Solar Inc. Tel: +86-512-6690-8088 Email: ir@csisolar.com
In the U.S. John Robertson The Ruth Group Tel: +1-646-536-7024 Email: jrobertson@theruthgroup.com
