First Solar could collect US$449 million from stock offering

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First Solar is to offer 8.5 million shares at US$46.00 per share potentially bringing in US$391 million of new capital to build PV power plants.

The share offer also includes an over allotment at the same price of 1.275 million shares that would bring the total raised to US$449.65 million.

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The company reiterated that the stock offering net proceeds could be used for the acquisition of under development projects as well as for host of PV project development purposes, while expanding into new regional markets.

A number of leading banks including, J.P. Morgan Securities, Morgan Stanley, BofA Merrill Lynch and Citigroup Global Markets, Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs are acting as book-running managers for the offering. Lazard Frères & Co. acted as financial advisor to First Solar.
 

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