ReneSola to price $175 million seven-year convertibles to yield 3.625%-4.125%, up 20%-25%

By Rebecca Melvin

New York, March 8 - ReneSola Ltd. plans to price $175 million of seven-year convertible bonds after the market close Wednesday that were talked to yield 3.625% to 4.125% with an initial conversion premium of 20% to 25%, according to a market source.

The Rule 144A offering has a greenshoe of $25 million and was being sold via joint bookrunners Credit Suisse and Barclays Capital Inc.

The bonds are non-callable for life and will be settled for shares.

The bonds have standard takeover and dividend protection.

In connection with the offering, ReneSola plans to enter into capped call transactions with affiliates of certain of the initial purchasers or hedge counterparties aimed at reducing future potential share dilution.

Proceeds are expected to be used to expand its polysilicon production capacity and purchase capped calls.

The notes will be convertible into ReneSola's American Depositary Shares.

Based in Jiashan, China, ReneSola is a manufacturer of solar products.

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