Suntech Power greenshoe exercised, lifts 3% convertibles due 2013 to $575 million

By Devika Patel

Knoxville, Tenn., March 18 - Underwriters for Suntech Power Holdings Co., Ltd.'s 3% convertible senior notes due 2013 exercised their over-allotment option in full for $75 million more of the notes, increasing the size of the issue to $575 million, the company said in a news release.

As previously reported, Suntech sold the notes at par on March 11 with an initial conversion premium of 36%. The non-callable notes have a conversion price of $41.01 per share.

Goldman Sachs (Asia), UBS Investment Bank and ABN Amro Rothschild were bookrunners of the Rule 144A deal.

The company plans to use the proceeds to procure upstream supplies, for production capacity expansion and for new technology commercialization.

Suntech is a Wuxi, China-based maker of solar cells.

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