Suntech to use ADS proceeds to repurchase 0.25% convertibles due 2012

By Devika Patel

Knoxville, Tenn., May 21 - Suntech Power Holdings Co. Ltd. said it will use the net proceeds from an offering of American Depositary Shares to repurchase and redeem its existing securities such as the repurchase obligation under its 0.25% convertible senior notes due 2012 issued in February 2007.

As previously reported, the company bought back $150.4 million of the notes for $129.9 million in the first quarter.

As of May 8, Suntech had $255.8 million of the notes outstanding.

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

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