By Abigail W. Adams
Portland, Me., May 15 – JinkoSolar Holding Co., Ltd. priced $85 million of five-year convertible notes in a Regulation S offering on Wednesday, according to a company news release.
Credit Suisse (Hong Kong) Ltd. was placement agent.
Concurrently with the convertible notes offering, the company priced a $65 million, or 4,062,500 share, secondary American Depositary Share offering at $16.00 per share.
Credit Suisse Securities (USA) LLC and Barclays were joint bookrunners for the ADS offering, which carries a greenshoe of 609,375 shares.
The company also entered into zero strike call option transactions that have an expiration date of July 28, 2021 to facilitate the hedge activity of the initial purchasers of the notes.
Proceeds from the notes offering will be used in part to fund the zero strike call options.
Proceeds from the combined offerings will be used for general corporate purposes, including capital expenditures for capacity expansion and upgrade and working capital.
JinkoSolar is a Shanghai-based solar module manufacturer.
| Issuer: | JinkoSolar Holding Co. Ltd.
|
| Securities: | Convertible notes
|
| Amount: | $85 million
|
| Maturity: | 2024
|
| Bookrunner: | Credit Suisse (Hong Kong) Ltd.
|
| Pricing date: | May 15
|
| Settlement date: | May 17
|
| Distribution: | Regulation S
|
| Concurrent offering: | $65 million, or 4,062,500 share ADS offering
|
| Stock symbol: | NYSE: JKS
|
| Stock reference price: | $16.00 in concurrent offering
|
| Market capitalization: | $2.73 billion
|
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