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ReneSola Closes Follow-on Public Offering, Raises US $70M
October 7, 2009
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Jiashan, China [RenewableEnergyWorld.com] ReneSola Ltd. announced that its follow-on public offering of 15,500,000 American depositary shares, or ADSs, each representing two shares of no par value in the company, was closed on October 5, 2009.
Last month, ReneSola signed a share purchase agreement with Dynamic Green Energy Limited.
The company received aggregate net proceeds of approximately US $70.7 million, after deducting discounts and commissions but before offering expenses. Credit Suisse Securities LLC and UBS AG acted as joint bookrunners for the offering, and Lazard Capital Markets LLC acted as a co-manager for the offering. This offering is being made under ReneSola's "shelf" registration statement on Form F-3 filed with the Securities and Exchange Commission on June 25, 2009. Last month, ReneSola signed a share purchase agreement with Dynamic Green Energy Limited and its shareholders to acquire 100% of the shares in Dynamic Green for 26,787,210 newly issued ReneSola ordinary shares and US $10 million in the form of a convertible promissory note issued by ReneSola.
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