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Germany's Q-Cells to price €350 million five-year convertibles, talked at 1.375%-1.875%, up 30%-35%
By Kenneth Lim
Boston, Feb. 7 - Germany's Q-Cells AG plans to price €350 million of five-year convertible bonds, talked at a coupon of 1.375% to 1.875% and an initial conversion premium of 30% to 35% over the year-to-date weighted average stock price.
The size of the deal may be increased by a further €50 million, while bookrunners Citigroup and Dresdner Kleinwort have an over-allotment option for an additional €52.5 million.
Pricing is expected before Feb. 28.
Q-Cells, a Thalheim, Germany-based maker of high-performance solar cells, said it will use the proceeds of the deal to expand its production capabilities.
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