March 12, 2008: 08:35 AM EST
NEW YORK, Mar. 12, 2008 (Thomson Financial delivered by Newstex) -- Suntech Power Holdings Co. (NYSE:STP) said it priced a private offering of $500 million worth of convertible debt, due 2013.
The initial conversion rate is 24.3153 American Depositary Shares per $1,000 principal amount, representing a price of $41.13 per ADS.
The China-based solar power (OTCBB:SOPW) cells maker said it also granted the initial buyers of the debt options to buy an additional $75 million of the notes to cover over-allotments.
The company plans to use about $300 million of the proceeds for procuring upstream supplies and for capacity expansion.
On March 10, the company said planned to offer $425 million of convertible debt in a private offering, with an additional $75 million to cover over-allotments.
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