Suntech Announces Proposed Offering

Suntech Power Holdings Co., Ltd. intends to offer an aggregate of US$300 million convertible senior notes due 2012, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended — subject to market and other conditions.

Suntech currently expects to use the net proceeds from the offering of the notes for the following purposes: approximately US$100 million to expand its manufacturing lines for the production of PV cells and modules and thin film modules and to enhance its research and development efforts; approximately US$50 million to purchase or prepay for raw materials; US$100 million to repay its one year, US$100 million-equivalent bridge loan it obtained in connection with its acquisition of MSK Corporation; and up to US$50 million for other general corporate purposes. Suntech will use any additional net proceeds received from the initial purchasers’ exercise of their option to purchase additional notes for other general corporate purposes.


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