Energy
Trina Solar Joins Secondary Offering Waves (TSL)
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Trina Solar Limited (NYSE: TSL) is joining on the open floodgates of secondary offerings this week. Yesterday we had filings for or pricing in almost 20 deals, and that number is greater now. Last night the solar player filed to sell up to 7,900,000 ADSs, with each ADS representing 50 ordinary shares. If the deal went at yesterday’s closing price the total amount raised would be about $180 million.
Trina Solar’s market cap is $1.4 billion as of yesterday’s closing bell. The company noted that it plans to use the proceeds to expand manufacturing facilities for the production of PV cells and modules, as well as for research and development and for downstream projects and general corporate purposes.
Credit Suisse, Goldman Sachs, and Barclays Capital will be the book-runners. The company also noted that it will grant the underwriters an option to purchase up to additional 1,185,000 shares.
Shortly before the open, Trina shares are down 4.15% at $22.12 on fairly thin volume and the 52-week trading range is $3.73 to $31.18. Trina trades about 3.37 millin shares per day.
JON C. OGG
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