Suntech repurchases $ 150.4 million 2012 convertible senior notes

Company logo of Suntech Power Holdings Co. Ltd. Image sourced from Suntech Power Holdings Co. Ltd.

Suntech Power Holdings Co., Ltd., a solar energy company that manufactures crystalline silicon photovoltaic (PV) modules, announced that the company has repurchased $150.4 million aggregate principal amount of its 0.25% convertible senior notes due 2012 for a total cash consideration of $129.9 million.

As of May 8, 2009, the company had $255.8 million principal amount of its 2012 convertible senior notes outstanding.

Suntech may seek to make additional repurchases of its convertible senior notes, depending on prevailing market conditions, the company’s liquidity requirements, and other factors.

Suntech Power Holdings Co. Ltd. is the world’s leading manufacturer of crystalline silicon modules. With its patented Pluto technology, Suntech improves the power output of the crystalline silicone modules by up to 12%. Suntech plans to own and operate projects greater than 10 megawatts in the United States through a joint venture with Renewable Ventures called Gemini Solar Development Company. The company’s headquarters is located in Jiangsu Province, China, with regional and sales offices in Switzerland, San Francisco, Australia, Germany, Spain, Korea, Italy, and Japan.


-  Natassia Y. Laforteza

Sources:

¹ http://phx.corporate-ir.net/phoenix.zhtml?c=192654&p=irol-newsArticle&ID=1286342&highlight
² http://www.suntech-power.com/