ReneSola: Offering of American Depositary Shares
ReneSola Ltd., a vertically integrated Chinese manufacturer of solar products, today announced that it intends to offer, subject to market and other conditions, 14,400,000 American depositary shares ("ADSs"), each representing two ordinary shares of the Company. ReneSola intends to grant the underwriters an option to purchase up to an additional 2,160,000 ADSs.
ReneSola plans to use the net proceeds of the offering for general corporate purposes including capital expenditure, working capital and repurchases and redemptions of the Company's U.S. dollar settled 1% convertible bonds due 2012. 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.
Credit Suisse Securities (USA) LLC, UBS AG and Lazard Capital Markets LLC will act as underwriters.
This offering will be made under ReneSola's registration statement on Form F-3 filed with the Securities and Exchange Commission on June 25, 2009. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's registration statement on Form F-3 and preliminary prospectus supplement are available from the SEC website at http://www.sec.gov .
A copy of the prospectus relating to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3629, or by telephone at 1-800-221-1037, from UBS AG at 52/F, International Finance Center, 8 Finance Street, Central, Hong Kong, or from Lazard Capital Markets LLC at 30 Rockefeller Plaza, New York, New York 10020.
ReneSola Ltd ("ReneSola") is a leading Chinese manufacturer of solar products based in China. Capitalizing on proprietary technologies and technical know-how, ReneSola's vertically integrated manufacturing capabilities include virgin polysilicon, monocrystalline and multicrystalline solar wafers, solar cells and solar modules. ReneSola possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are currently traded on the New York Stock Exchange (NYSE: SOL - News) and the AIM of the London Stock Exchange (AIM: SOLA). For more information about ReneSola, please visit http://www.renesola.com .
Safe Harbor Statement
This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when we describe what we "believe," "expect" or "anticipate" will occur, what "will" or "could" happen, and other similar statements), you must remember that our expectations may not be correct, even though we believe that they are reasonable. We do not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F. We undertake no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though our situation may change in the future.
Ms. Julia Xu