Summary by Moomoo AI
Canadian Solar has entered into a definitive agreement with PAG, a leading Asia Pacific investment firm, for a $200 million private placement of secured convertible notes. The notes will bear a 6% annual interest rate, mature on December 31, 2029, and are convertible at $18.20 per share, representing a 23.4% premium over the last closing price of $14.75.The transaction, expected to close in Q4 2024, provides Canadian Solar with flexible financing options. The company plans to use the proceeds to optimize its capital structure, repay existing debt, and invest in solar development projects. The notes will be secured against certain subsidiary pledges, with holders having a repurchase option after December 31, 2027.As a global leader in solar technology, Canadian Solar has delivered over 125 GW of solar modules worldwide and developed more than 10 GWp of solar power projects since 2010. The company currently operates 1.2 GWp of solar projects, with 6.5 GWp under construction or in backlog, and maintains a substantial development pipeline including 19.8 GWp of solar projects and 56 GWh of battery storage projects.
