JA Solar greenshoe fully exercised, lifts 4.5% five-year convertibles to $400 million

By Devika Patel

Knoxville, Tenn., May 20 - Underwriters for JA Solar Holdings Co. Ltd.'s 4.5% five-year convertible senior notes exercised their over-allotment option in full for $50 million more of the notes, increasing the size of the issue to $400 million, the company said in a press release.

As previously reported, JA Solar priced the notes at par on May 13 through joint bookrunners Lehman Brothers Inc. and Credit Suisse Securities (USA) LLC. Needham & Co. LLC and Piper Jaffray & Co. are co-managers.

The notes had a 32.5% initial conversion premium and a conversion price of $30.475, which works out to a conversion ratio of 32.8138. They are non-callable for three years and provisionally callable thereafter subject to a 130% hurdle. There are no puts, other than a change-of-control put.

Concurrently, JA Solar priced an offering of up to 13,125,520 American Depositary Shares at $23 per share, which are being borrowed by affiliates of the joint bookrunners.

JA Solar intends to use proceeds for the purchase and construction of manufacturing equipment and facilities, the purchase and prepayment of raw materials, for working capital and for other general corporate purposes.

Based in Ningjin, China, JA Solar designs, makes and markets solar cells and sells its products to solar-module makers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.