Wednesday, February 20, 2008

China's ReneSola sells $130 mln in ADRs

HONG KONG, Jan 29 (Reuters) - China's ReneSola Ltd, which makes silicon wafers for solar panels, raised US$130 million in a sale of American Depositary Receipts late on Monday at a discount of 9.8 percent to their last trading price, a source familiar with the deal said.

The company, listed on London's secondary AIM bourse, sold 10 million ADRs at US$13.00 each in a deal handled by Credit Suisse and Deutsche Bank, the source said.

The ADRs are the first to be issued by the company and will begin trading late on Tuesday on the New York Stock Exchange under the symbol "SOL" SOL.N.

Of the shares sold, more than 9.2 million are new and the remainder were existing. The offering represents 15.6 percent of the firm's share capital.

Proceeds of the offering will be used in part to expand ReneSola's manufacturing facilities and to buy equipment. (Reporting by Tony Munroe; editing by Anne Marie Roantree)

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