SAN FRANCISCO and WUXI, China, May 21 /PRNewswire-Asia/ -- Suntech Power Holdings Co., Ltd. ("Suntech" or the "Company") (NYSE: STP), the world's largest manufacturer of crystalline silicon photovoltaic (PV) modules, today announced that it intends to offer, subject to market and other conditions, 20,000,000 American Depositary Shares ("ADSs"), each representing one ordinary share of the Company. The Company intends to grant to the underwriter an option to purchase up to 3,000,000 additional ADSs to cover over-allotments.
The Company intends to use the net proceeds from the offering, after deducting underwriting discounts and offering expenses, for working capital and general corporate purposes, including repurchases and redemptions of its existing securities such as the repurchase obligation under its 0.25% Convertible Senior Notes Due 2012 issued in February 2007. 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.
UBS Investment Bank (as Global Coordinator and Stabilization Agent), Goldman Sachs (Asia) L.L.C. and Deutsche Bank Securities Inc. will act as underwriters for the offering.
The offering will be made under the Company's shelf registration statement filed with the Securities and Exchange Commission on May 21, 2009. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Company's F-3 registration statement and preliminary prospectus supplement are available from the SEC website at: http://www.sec.gov .
Copies of the preliminary ADS prospectus supplement and the accompanying prospectus may be obtained from UBS Investment Bank by calling toll-free at 888-827-7275, ext. 3884 or contacting 299 Park Avenue, New York, New York, 10171, Attention: Prospectus Department; Goldman, Sachs & Co. by calling
toll-free at 866-471-2526, facsimile at +1-212-902-9316 or contacting 85 Broad Street, New York, NY, 10004 Attention: Prospectus Department; and Deutsche Bank Securities Inc. by calling toll-free at 1-800-503-4611 or contacting 100 Plaza One, Jersey City, New Jersey, 07311, Attention: Prospectus Department.
About Suntech
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar energy company as measured by production output of crystalline silicon photovoltaic (PV) modules. Suntech designs, develops, manufactures, and markets premium-quality, high-output, cost-effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's patent-pending Pluto technology for crystalline silicon solar cells improves power output by up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated solar products under the MSK Solar Design Line(TM). Suntech designs and delivers commercial and utility scale solar power systems through its wholly owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and will own and operate projects greater than 10 megawatts in the United States through Gemini Solar Development Company, a joint venture with MMA Renewable Ventures. With regional headquarters in China, Switzerland and the United States and sales offices worldwide, Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding the use of proceeds by Suntech from the offering. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Actual use of proceeds may differ materially from those set forth herein as, depending on future events and other changes in the business climate, Suntech may determine at a later time to use the net proceeds for different purposes. Suntech disclaims any obligation to update or correct this information.
For more information, please contact:
At Suntech:
In China:
Rory Macpherson
Investor Relations Director
Suntech Power Holdings, Co. Ltd.
Tel: +86-21-6288-5574
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
