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withdrawn prior to the expiration of the Put Option.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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