Suntech raising another $300M

Not to be outdone by the new fundraising of American rival SunPower (see SunPower raising $130M in debt) China's Suntech Power (NYSE: STP) announced today that it intends to raise $300 million USD in a new private offering.

The convertible senior notes would be due 2012. In some circumstances, the notes will be convertible into, at Suntech's election, cash, American depositary shares ("ADSs") representing Suntech's ordinary shares or a combination of cash and ADSs. 

Suntech said it intends to grant to the initial purchasers a 30-day option to purchase up to an additional US$60 million of the convertible senior notes to cover over-allotments, if any.

The company said it expects to use the proceeds to expand manufacturing lines, purchase raw materials and to repay a $100 million bridge loan it obtained in connection with the acquisition of MSK Corp.

Suntech is a leading maker of solar photovoltaic cells and modules and other equipment.

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