First Solar Inc of Tempe, AZ, USA – which manufactures thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – has priced its underwritten public offering of 8,500,000 shares of its common stock (announced on 11 June) at $46 per share, to raise $390m. Closing of the offering is expected to occur on 18 June (subject to customary closing conditions). In addition, First Solar has granted the underwriters a 30-day option to purchase up to 1,275,000 shares (worth a further $58.65m, making a total of $448.65m).
First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under-development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners, and capital expenditures or strategic investments to develop certain business units and expand into new geographies.
J.P. Morgan Securities LLC, Morgan Stanley & Co LLC, BofA Merrill Lynch and Citigroup Global Markets Inc are acting as joint book-running managers for the offering. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co are also acting as book-running managers. Lazard Frères & Co. LLC acted as financial advisor to First Solar.
The shares are being offered pursuant to a shelf registration statement filed with and declared effective by the US Securities and Exchange Commission (SEC). A preliminary prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website.
