GT Solar International has announced a secondary offering of ten million shares by one stakeholder, just months after it made a $24m acquisition.
Alongside the offering, it will sell up to 15 million additional shares to UBS Securities in advance of an offering of exchangeable notes.
The company has also granted the underwriters, UBS Securities and Credit Suisse, an option to buy up to 1.5 million additional shares to cover excess demand.
GT Solar, which has its headquarters in New Hampshire, US will not receive any proceeds from either offering but will pay the expenses of its holding company and the selling stakeholder GT Solar Holdings.
In July, GT Solar bought the privately-held company Crystal Systems, which manufactures sapphire components used in LED lighting for $24m, plus $5.4m in shares.
GT Solar reported net income of $87.3m in the financial year 2009/2010, a slight fall on the previous year....MORE
Thursday, September 9, 2010
"GT Solar stakeholder to sell ten million shares" (SOLR)