GUELPH, ON, Sept. 16, 2020 /PRNewswire/ -- Canadian Solar
Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of
the world's largest solar power companies, today announced the
closing of its previously announced offering of US$230 million in aggregate principal amount of
2.50% convertible senior notes due 2025 (the "Notes"), which
includes the exercise in full by the initial purchasers of their
option to purchase an additional US$30
million in aggregate principal amount of the Notes. The
Company received aggregate net proceeds of approximately
US$223 million from the offering,
after deducting discounts, commissions and offering expenses.
Dr. Shawn Qu, Chairman and CEO,
commented, "We are pleased with the strong investor support and
participation in our convertible offering. This transaction gives
us additional financial resources to step up our expansion plans
and benefit from the accelerating demand growth for solar energy
and the supply consolidation in the industry. We plan to deploy the
capital to expand our high-quality manufacturing capacity and
pipeline of solar projects as we solidify Canadian Solar's position
as the global market leader in solar energy."
Dr. Qu added, "This offering is in addition to the ongoing
pre-IPO equity raise to bring in new financing and strategic
partners to our MSS business in China, which is well on track. Both capital
raisings are part of our latest growth strategy to increase
Canadian Solar's future market share and earnings power, and
further unlock value for our shareholders."
The offering of the Notes was exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"), and the Notes were offered and sold only in
the United States to persons
reasonably believed to be qualified institutional buyers pursuant
to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S
under the Securities Act. The Notes and the common shares
deliverable upon conversion of the Notes have not been and will not
be registered under the Securities Act or the securities laws of
any other place, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be any offer, solicitation or sale of the securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
power companies. It is a leading manufacturer of solar photovoltaic
modules and provider of solar energy solutions and has a
geographically diversified pipeline of utility-scale solar power
projects in various stages of development. Over the past 19 years,
Canadian Solar has successfully delivered over 46 GW of
premium-quality, solar photovoltaic modules to customers in over
150 countries. Canadian Solar is one of the most bankable companies
in the solar industry, having been publicly listed on NASDAQ since
2006. For additional information about the Company, follow Canadian
Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
available supplies of high-purity silicon; demand for end-use
products by consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers; changes
in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; delays in
the completion of project sales; continued success in technological
innovations and delivery of products with the features customers
demand; shortage in supply of materials or capacity requirements;
availability of financing; exchange rate fluctuations; litigation
and other risks as described in the Company's SEC filings,
including its annual report on Form 20-F filed on
April 28, 2020. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, level of activity,
performance, or achievements. Investors should not place undue
reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
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SOURCE Canadian Solar Inc.