Renesola: Convertible Bond and Share Repurchases
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ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading brand and technology provider of energy-efficient products, announced that during the third quarter of 2015, the Company repurchased $36.0 million notional amount of its convertible notes due on March 15, 2018 with a put option on March 15, 2016. The Company has approximately $26.1 million in convertible bonds outstanding. During the third quarter, the Company also repurchased approximately 807,000 American depositary shares ("ADSs") following its announcement on September 23, 2015 of the authorization by its Board of Directors of a share repurchase program of up to US$20 million in aggregate value of its outstanding ADSs within the next 12 months.
"For more than a year now, we have maintained a coordinated strategy to shift into downstream projects and services while maintaining an intense focus on financial prudence and balance sheet improvement with a view toward the long-term sustainability of our business," said Mr. Xianshou Li, ReneSola's chief executive officer. "This approach has provided us new opportunities to capitalize on our global brand, network and industry expertise to develop and sell projects that generate cash flows to support our business growth and financing requirements."
"During the third quarter, we recognized some of the fruits from our downstream strategy and substantially reduced our outstanding convertible bonds—a process we began in the fourth quarter of 2014—while kick-starting our $20 million share repurchase program. Despite our accomplishments, we believe the market continues to undervalue ReneSola's growth prospects, the execution capabilities of our management team and our financial position. While executing on our current project portfolio, we have established a deep pipeline of valuable and high quality projects totaling more than 500 MW that we are developing and that provide us visibility into our cash flows for 2016 and beyond. Going forward, we will continue to build on our downstream strategy, actively manage our balance sheet and utilize our operating cash flows for the benefit of our long-term stakeholders," added Mr. Li.
The Company might continue to repurchase its convertible bonds and American depositary shares from time to time, subject to market conditions and other strategic considerations. Such purchases will be made in accordance with the applicable laws and subject to any required regulatory approvals.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world. For more information, please visit www.renesola.com.