JA Solar Repays $119 Million of Convertible Notes Due May 15
JA Solar Holdings Co. (JASO), the largest solar-cell producer by capacity, repaid $119 million in principal and interest for bonds due yesterday.
“JA Solar is committed to meeting all of our debt obligations and managing our balance sheet prudently to protect the interests of our stakeholders,” Chief Executive Officer Jin Baofang said in a statement today from Shanghai-based JA Solar.
Investors are concerned other Chinese solar companies may not make bond payments. Suntech Power Holdings Co. (STP) defaulted on $541 million in debt March 15, and LDK Solar Co. paid only a portion of $23.8 million due last month. Renewable-energy companies based in Hong Kong and China are scheduled to repay $3.5 billion in debt this year, according to data compiled by Bloomberg.
JA Solar’s American depositary receipts slipped 4.7 percent cents to $5.45 at the close in New York. Each ADR is worth five ordinary shares.
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