ReneSola plans buyback of $99 million 1% convertible bonds due 2012

By Jennifer Chiou

New York, Sept. 30 - ReneSola Ltd. announced plans to repurchase or redeem its $99 million of 1% convertible bonds due 2012 using the net proceeds from an offering of American Depositary Shares.

The company announced that its follow-on public offering of 15.5 million ADSs, each made up of two common shares, was priced at $4.75 per ADS. It will close on Oct. 5.

There is also a 30-day option to purchase up to an additional 2,325,000 ADSs.

Remaining proceeds will go toward general corporate purposes, including capital expenditures and working capital.

ReneSola said it may repurchase its 1% convertible bonds through tender offers, open-market purchases or negotiated transactions.

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

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