Canadian Solar has signed a $100m two-year senior secured term loan to retire a bridge loan used to finance the acquisition of Recurrent Energy and for general corporate purposes.
The company said the term loan was arranged by the Singapore branch of Credit Suisse.
Canadian Solar issued the lenders warrants to purchase up to 1,348,040 shares of common stock at an exercise price of $24.48 per share.
The warrants will expire two years from the date of the closing on 25 October 2017.
The term loan facility may be increased by up to an additional $100m subject to customary conditions.
Shawn Qu chairman and chief executive officer of Canadian Solar (pictured) said: “We thank Credit Suisse for their continued confidence and support.
“This credit facility increases our financial flexibility as we continue the build-out of our high-quality utility-scale project pipeline in the US.”
Image: Canadian Solar
Canadian Solar agrees $100m loan
Money to be used to retire a bridge loan used to acquire Recurrent Energy
By EBS