On a day when its shares gained 9.4% in regular trading and closed near their 52-week high of $37.98 (made last week), JinkoSolar (JKS) announces it's selling 2.75M shares (current value of $97M) and $100M worth of convertible senior notes due 2019. Underwriters will have 412.5K-share and $15M overallotment options. (PR)
Jinko is far from the only solar name to take advantage of a massive solar stock rally to raise cash. Following a 3.5M-share offering the company carried out in September, Jinko ended Q3 with $218.7M in cash/equivalents and $392.8M in debt.
Yesterday, Jinko sold off after announcing it's mulling a sale or spinoff of its downstream (solar project) unit. But shares more than made up for it today.