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JinkoSolar Prices 3.75M ADS Offering at $35.25/ADS


JinkoSolar (NYSE: JKS) today announced that it priced the offering of 3,750,000 American Depositary Shares (the "ADSs"), each representing four ordinary shares of the Company, par value US$0.00002 per share (the "ADS Offering"), at US$35.25 per ADS. The Company also priced the concurrent offering of US$130.0 million in aggregate principal amount of convertible senior notes due 2019 (the "Notes") (the "Notes Offering"). These offerings, which are subject to customary closing conditions, are expected to close on January 22, 2014. The ADS Offering was upsized from 2,750,000 ADSs and the Notes Offering was upsized from an aggregate principal amount of US$100.0 million.

The Notes will be convertible into ADSs at an initial conversion rate of 21.8221 ADSs per US$1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately US$45.825 per ADS), subject to adjustments under certain circumstances. The initial conversion price for the Notes represents an approximately 30.0% conversion premium over the ADS Offering price of US$35.25 per ADS. The Notes will accrue interest at an annual rate of 4.00%. Interest on the Notes will be payable semiannually

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Posted-In: News Guidance Offerings Management Global


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