SAN FRANCISCO and WUXI, China, May 22 /PRNewswire-Asia/ -- Suntech Power
Holdings Co., Ltd. (''Suntech'' or the ''Company'') (NYSE: STP), the world's
largest manufacturer of crystalline silicon photovoltaic (PV) modules, today
announced that its follow-on public offering of 20,000,000 American Depositary
Shares (''ADSs''), each representing one ordinary share of the Company, was
priced at $12.50 per ADS. The Company has granted the underwriters an option
to purchase up to 3,000,000 additional ADSs to cover over-allotments.
The Company intends to use the net proceeds from the offering, after
deducting underwriting discounts and offering expenses, for capital
expenditures, working capital and repurchase and redemptions of its existing
securities such as the repurchase obligation under its 0.25% Convertible
Senior Notes Due 2012 issued in February 2007. The Company's management will
retain broad discretion over the use of proceeds, and the Company may
ultimately use the proceeds for different purposes than what it currently
intends. Pending any ultimate use of any portion of the proceeds from this
offering, we intend to invest the net proceeds in short-term, marketable
UBS Investment Bank (as Global Coordinator and Stabilization Agent),
Goldman Sachs (Asia) L.L.C. and Deutsche Bank Securities Inc. will act as
joint bookrunners and underwriters for the offering.
The offering is being made under the Company's shelf registration
statement filed with and declared effective by the U.S. Securities and
Exchange Commission. The offering of these securities is being made only by
means of a prospectus, filed with the U.S. Securities and Exchange Commission.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any security and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The Company's F-3 registration statement and preliminary prospectus
supplement are available from the SEC website at: http://www.sec.gov .
Copies of the preliminary ADS prospectus supplement and the accompanying
prospectus may be obtained from UBS Investment Bank by calling toll-free at
888-827-7275, ext. 3884 or contacting 299 Park Avenue, New York, New York,
10171, Attention: Prospectus Department; Goldman, Sachs & Co. by calling
toll-free at 866-471-2526, facsimile at +1-212-902-9316 or contacting 85
Broad Street, New York, NY, 10004 Attention: Prospectus Department; and
Deutsche Bank Securities Inc. by calling toll-free at 1-800-503-4611 or
contacting 100 Plaza One, Jersey City, New Jersey 07311, Attention: Prospectus
Suntech Power Holdings Co., Ltd. (NYSE: STP) is the world's leading solar
energy company as measured by production output of crystalline silicon
photovoltaic (PV) modules. Suntech designs, develops, manufactures, and
markets premium-quality, high-output, cost-effective and environmentally
friendly solar products for electric power applications in the residential,
commercial, industrial, and public utility sectors. Suntech's patent-pending
Pluto technology for crystalline silicon solar cells improves power output by
up to 12% compared to conventional production methods.
Suntech also offers one of the broadest ranges of building-integrated
solar products under the MSK Solar Design Line(TM). Suntech designs and
delivers commercial and utility scale solar power systems through its wholly
owned subsidiaries Suntech Energy Solutions and Suntech Energy Engineering and
will own and operate projects greater than 10 megawatts in the United States
through Gemini Solar Development Company, a joint venture with MMA Renewable
Ventures. With regional headquarters in China, Switzerland and the United
States and sales offices worldwide, Suntech is passionate about improving the
environment we live in and dedicated to developing advanced solar solutions
that enable sustainable development.
Safe Harbor Statement
This news release contains forward-looking statements, including
statements regarding the use of proceeds by Suntech from the offering. These
statements are made under the ''safe harbor'' provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Actual use of proceeds may differ
materially from those set forth herein as, depending on future events and
other changes in the business climate, Suntech may determine at a later time
to use the net proceeds for different purposes. Suntech disclaims any
obligation to update or correct this information.
For more information, please contact:
Investor Relations Director
Suntech Power Holdings, Co. Ltd.
In the United States:
Sanjay M. Hurry
The Piacente Group, Inc.