A-Power Energy closes on $40 million offering
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SIOUX FALLS, S.D.—Chinese wind turbine manufacturer A-Power Energy Generation Systems Ltd. said Wednesday that it has closed on a $40 million offering of senior convertible notes.
The Shenyang, China-based company said it plans to use the proceeds primarily to buy components for A-Power's ramp-up in its wind turbine assembly business.
A-Power said the notes will mature in five years and will be initially convertible at $10.637 per common share for a total of 1.5 million common shares. The company said it can redeem the notes at 110 percent of the principal amount, plus any accrued and unpaid interest, beginning Nov. 19, 2011, provided certain market price conditions are met.
A-Power shares rose 31 cents, or 3.8 percent, to $8.35 in morning trading.
