Solon sets price talk on €200 million convertibles due 2012; 1%-1.5% coupon, 2.75%-3.25% yield, up 27.5%-32.5%

By Evan Weinberger

New York, Nov. 29 - Solon AG für Solartechnik announced price talk for the €200 million in convertible bonds due 2012 it announced Nov. 16. The convertibles are talked at a coupon of 1% to 1.5% with yield talked at 2.75% to 3.25% and an initial conversion premium of 27.5% to 32.5%.

HSBC is the bookrunner of the Regulation S transaction. The convertibles are expected to price Friday.

The convertibles are callable after two years subject to a 135% hurdle. They have full dividend and takeover protection.

Solon is a Berlin-based photovoltaic cell producer. The company plans to use the proceeds to implement its existing growth strategies and for potential strategic acquisitions.

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