Apparently undaunted by the U.S. Department of Commerce's preliminary finding of photovoltaic module dumping, China-based Trina Solar Ltd. is offering 8.8 million American Depositary Shares (ADS), each representing 50 ordinary shares of the company.
The company has granted the underwriters in the offering a 30-day option to purchase up to an additional 1.32 million ADS to cover over-allotments.
Trina has also commenced a concurrent offering of $150 million in aggregate principal amount of convertible senior notes due 2019. Trina Solar has granted the initial purchasers in the notes a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of the notes.
The closings of the ADS offering and notes offering are contingent on the closing of the other.
Deutsche Bank Securities Inc., Barclays Capital Inc., J.P. Morgan Securities LLC and Goldman Sachs (Asia) LLC will act as joint book-running managers for the ADS offering. HSBC Securities Inc. will act as a co-manager.
