Nanjing, China [RenewableEnergyWorld.com] Solar cell manufacturer China Sunergy Co. Ltd. announced that it plans to make a private offer of approximately US $45 million of its convertible senior notes due 2013. China Sunergy plans to grant the initial purchaser of the notes an option to purchase up to an additional US $5 million in aggregate principal amount of the notes to cover over allotments.
China Sunergy anticipates using the proceeds for expansion of production capacity, enhancement of research and development and general corporate purposes. The terms and timing of the offering have not been finalized.
The notes will be offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The notes and China Sunergy’s American Depositary Shares issuable upon conversion of the notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.