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Suntech to use $50M loan with IFC to fund tech
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SAN FRANCISCO - Suntech Power Holdings Co. Ltd. on Friday said it is borrowing $50 million from IFC, a member of the World Bank Group, and plans to use the proceeds to support its transition to high efficiency Pluto technology and to pay off debt.
The China-based solar module maker said it is getting the full $50 million amount under a convertible loan facility with IFC.
Under the terms of the loan, IFC has the option to convert the loan to Suntech's American Depository Shares at any time prior to maturity at an initial conversion price of $18 per ADS.
Shares of the company fell $1.40, or 9 percent, to $14.23 in midday trading.
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