Canadian Solar Announces Expiration of Put Option Exercise Period for Convertible Senior Notes
Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the right of the holders of 6.0% Convertible Senior Notes due 2017 (the "Securities") of the Company to sell the Securities to the Company (the "Put Option") expired at 5:00 p.m., New York City time, on December 17, 2012, pursuant to the terms of and subject to the conditions set forth in the indenture dated December 10, 2007 between the Company, as issuer, and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee, as set forth in the Put Right Purchase Offer to the holders of the Securities, dated November 15, 2012, and related notice materials.
The Company has been advised by The Bank of New York Mellon (the "Paying Agent") that, pursuant to the terms of the Put Option, Securities with an aggregate principal amount of $1,000,000 were validly surrendered and not withdrawn prior to the expiration of the Put Option. The Company has accepted these Securities for purchase and, before 11:00 a.m. New York City time on December 24, 2012, will forward cash in payment of the purchase price to the Paying Agent for distribution to all holders that exercised the Put Option. Following this purchase, none of the Securities remain outstanding.
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