GUELPH, Ontario — Canadian Solar has raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch (“Credit Suisse”), bringing the total facility amount to $180.0 million.
In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share.
The warrants will expire two years from the date of the closing, on December 10, 2017. This term loan is being used for general corporate purposes.
“We are pleased with the positive outcome of this transaction and we appreciate the confidence of the lenders in our business,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “The buildout of our high value solar project pipeline in the U.S. as well as other markets is proceeding according to plan, positioning us well to create lasting value for our shareholders in the quarters ahead.”
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006.