First Solar Inc. (FSLR) on Tuesday announced the commencement of an underwritten public offering of 8.5 million shares of its common stock. In addition, First Solar will grant the underwriters a 30-day option to purchase up to 1.275 million shares of common stock.
First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co. are also acting as book-running managers.
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