Trina Solar: Convertible Senior Notes
Trina Solar Limited (TSL), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced holders of the Company's 4.00% Convertible Senior Notes due 2013 (the "Securities") have the right to surrender their Securities for purchase by Trina Solar pursuant to the terms of the indenture for the Securities (the "Option"). The Option expires on August 4, 2011.
The Option entitles each holder of the Securities to require the Company to purchase, on August 5, 2011, all or any part of such holder's Securities at a price equal to the principal amount plus accrued and unpaid interest. Trina Solar will pay the purchase price solely with cash. Holders that do not surrender their Securities for purchase pursuant to the Option will maintain the right to convert their Securities, subject to the terms, conditions and adjustments applicable to the Securities.
The opportunity to surrender Securities for purchase pursuant to the Option will terminate at 5:00 p.m., New York City time, on August 4, 2011. In order to exercise the Option, a holder must follow the procedures set forth in the notice to holders. Holders may withdraw any Securities previously surrendered for purchase at any time prior to 5:00 p.m., New York City time, on August 4, 2011.
Trina Solar will file a Tender Offer Statement on Schedule TO for the Securities with the Securities and Exchange Commission. In addition, documents specifying the terms, conditions and procedures for surrendering and withdrawing Securities for purchase, including the notices to holders, will be available through The Depository Trust Company and the paying agent. Neither Trina Solar nor its Board of Directors or employees have made or are making any representation or recommendation as to whether or not any holder should surrender any Securities.
About Trina Solar Limited
Trina Solar Limited is a leading manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that have developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For further information, please contact:
Trina Solar Limited
Terry Wang, CFO
Phone: +(86) 519-8548-2009 (Changzhou)
Thomas Young, Senior Director of Investor Relations
Phone: +1(408) 459-6706 (San Jose)
SOURCE: Trina Solar Limited