Suntech Power Holdings Co., Ltd. (''Suntech'' or the ''Company'') (NYSE: STP - News), the world's largest manufacturer of crystalline silicon photovoltaic (PV) modules, today announced that its follow-on public offering of 20,000,000 American Depositary Shares (''ADSs''), each representing one ordinary share of the Company, was priced at $12.50 per ADS. The Company has granted the underwriters an option to purchase up to 3,000,000 additional ADSs to cover over-allotments.
The Company intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, for capital expenditures, working capital and repurchase and redemptions of its existing securities such as the repurchase obligation under its 0.25% Convertible Senior Notes Due 2012 issued in February 2007. The Company's management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes than what it currently intends. Pending any ultimate use of any portion of the proceeds from this offering, we intend to invest the net proceeds in short-term, marketable instruments.
UBS Investment Bank (as Global Coordinator and Stabilization Agent), Goldman Sachs (Asia) L.L.C. and Deutsche Bank Securities Inc. will act as joint bookrunners and underwriters for the offering.
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