Suntech Announces Proposed Offering of US$425 Million Convertible Senior Notes

WUXI, China, -- Suntech Power Holdings Co., Ltd. (NYSE: STP) announced that it intends, subject to market and other conditions, to offer an aggregate of US$425 million convertible senior notes due 2013, in a private offering to qualified institutional buyers pursuant to Rule 144A. In some circumstances, the notes will be convertible into, at Suntech's election, cash, American depositary shares (''ADSs'') representing Suntech's ordinary shares or a combination of cash and ADSs. The interest rate, conversion price and other terms of the notes will be determined at the time of pricing of the offering. Suntech intends to grant to the initial purchasers a 30-day option to purchase up to an additional US$75 million of the notes to cover over-allotments, if any. Link. Chart.