Trina Solar: Convertible Senior Notes
Trina Solar Limited, a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced that it has extended the period during which holders of its 4.00% Convertible Senior Notes due 2013 in aggregate principal amount of US$138,000,000 (the "Notes") may exercise their put option in connection therewith to any time prior to 5:00 p.m., New York City time, on August 9, 2011. The holders of the Notes originally had an option to require the Company to purchase, on July 15, 2011, all or a portion of their Notes in accordance with the terms, procedures and conditions outlined in the base indenture dated July 15, 2008 and first supplemental indenture dated July 23, 2008 (together, the "Indenture") between the Company and Wilmington Trust Company, as trustee and paying agent, and the Notes. The Indenture required the Company to provide written notice to each holder of the Notes not less than twenty (20) business days prior to July 15, 2011, which the Company inadvertently omitted to provide timely. To honor its obligations under the Indenture and to allow the holders of the Notes the opportunity to exercise their put option in connection therewith, the Company has provided notice to all holders of the Notes that it will accept Notes for repurchase at any time prior to 5:00 p.m., New York City time, on August 9, 2011. As part of the purchase price to be paid as of August 10, 2011, the Company will include any accrued and unpaid interest to, but excluding, August 10, 2011 as stipulated in the put right purchase offer dated July 12, 2011.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) 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