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JA Solar Buys Back $89.2 Million of Debt to Avoid Delisting

JA Solar Holdings Co., China’s largest solar-cell maker, bought back $89.2 million of its debt, cutting the value of its outstanding senior notes by 41 percent.

The company purchased its 4.5 percent convertible notes in the current quarter, reducing the face value of the outstanding notes to $130.5 million from $219.7 million on June 30, according to a statement today.

The company is seeking to strengthen its balance sheet, in part to avoid being dropped from the Nasdaq Stock Market after the price of its American depositary receipts fell below $1, said Pavel Molchanov, an analyst at Raymond James & Associates in Houston. JA Solar announced in June it would repurchase as much as $100 million of its ADRs, a plan that may no longer be possible.

“The reality is that this company has been burning cash, and it’s certainly not in a position to do share repurchases,” Molchanov said today in an interview.

JA Solar’s ADRs have closed below $1 for 18 consecutive trading days, according to data compiled by Bloomberg. Suntech Power Holdings Co., the world’s largest solar-panel manufacturer, said Sept. 21 it received a delisting warning after its average closing price was below $1 for 30 consecutive days as of Sept. 10.

JA Solar, based in Shanghai, fell 4.9 percent to 86 cents at the close in New York. The ADRs last closed above $1 on Aug. 28.

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