Trina Solar to Redeem Last of $138 Million of 2013 Bonds
Trina Solar Ltd. (TSL) said it expects to retire the last of $138 million in bonds it issued in 2008 by the deadline for repayment on July 15.
The Chinese solar panel maker said it has $57 million more to repay on the principle of the bonds after it started making repurchases in the fourth quarter of 2011, according to a statement released today from the company’s headquarters in Changzhou.
Trina’s competitors, Suntech Power Holdings (STP) Co. Ltd. and LDK Solar Co. Ltd., both have failed to fully repay their debts in the past year as manufacturing overcapacity depressed panel prices worldwide.
Trina had $84 million of the notes outstanding at the end of the first quarter and has purchased $27 million since then. The company had $822.3 million in cash at the end of the first quarter and bank borrowings of $1.2 billion.
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