皇冠体育app

US-listed solar cell maker 皇冠体育app Sunergy Co Ltd said Monday it will sell $45 million in convertible senior notes to a private buyer.

The company plans to use proceeds for the sale of the notes, which come due 2013, to expand its production capacity, improve its research and development, and for general corporate purposes.

The deal includes an option to buy up to an additional $5 million worth of notes to cover overallotments.

皇冠体育app Sunergy will at the same time enter into a deal with an affiliate of the buyer to lend up to 3.75 million of its US listed shares, which the borrower will then sell to create hedge positions. The company will receive a nominal lending fee in exchange.

皇冠体育app Sunergy shares fell 19 cents to $10.85 after-hours, extending a loss of 12 cents to $11.04 in the regular session.