JinkoSolar Targets $64 Million in Follow-on Offering; $85 Million in Private Placement
Shares in JinkoSolar Holding Co. Ltd. (NYSE: JKS) dropped 2 percent Wednesday, to $17.40 apiece, after the company announced the pricing of its follow-on offering.
The Shanghai-based maker of solar panels priced its follow-on offering of 4 million American depositary shares at $16, representing a downsize of 10 percent from yesterday's close. At this price, JinkoSolar would raise $64 million in its follow-on public offering.
The company also announced it plans a concurrent private placement of $85 million of convertible senior notes due 2024.
Bookrunners for JinkoSolar's follow-on offering are Credit Suisse Securities (USA) LLC and Barclays Capital Inc. Roth Capital Partners LLC is acting as co-manager. They will have an option to purchase up to 609,000 additional ADSs for over-allotments.