Canadian Solar raises $108.67 million in public offering

Fri. October 23, 2009; Posted: 02:21 PM

Oct 23, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- CSIQ | Quote | Chart | News | PowerRating -- Canadian Solar, Inc., a Canada-based manufacturer and marketer of solar cell and solar module products that convert sunlight into electricity, has completed a public offering of 6.9 million shares of common stock at a public offering price of $15.75 per share, including 0.9 million shares purchased by the underwriters in connection with their exercise, for total gross proceeds of $108.67 million.

Update on October 15, 2009:

Canadian Solar has priced a public offering of 6 million shares of its common stock at $15.75 per share for total gross proceeds of $94.5 million.

In connection with this offering, Canadian Solar has granted the underwriters a 30-day option to purchase up to an additional 0.9 million shares of common stock.

Announcement (October 13, 2009):

Canadian Solar intends to offer approximately 6 million shares of common stock in a public offering.

In connection with this offering, Canadian Solar will grant the underwriters an option to purchase up to an additional 0.9 million shares of common stock.

Deutsche Bank Securities Inc., Morgan Stanley and Piper Jaffray & Co. are acting as joint book-runners of the offering, and Wells Fargo Securities, LLC is acting as co-manager.

Deal Value (US$ Million) 94.5
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-10-22

Deal Participants

Target (Company) Canadian Solar, Inc.

Deal Rationale

Canadian Solar intends to use the net proceeds from the offering for general corporate purposes. The remaining funds will be used to invest in short-term interest-bearing securities or bank deposits.

Offer Price ($ per share) 15.75
No. Shares Issued         6000000

For full details on Canadian Solar Inc (CSIQ) click here. Canadian Solar Inc (CSIQ) has Short Term PowerRatings of 4. Details on Canadian Solar Inc (CSIQ) Short Term PowerRatings is available at This Link.

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