JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar power products, has announced that, during the third quarter of 2012, the Company purchased its 4.5% senior convertible notes ("Senior Notes") with an aggregate face value of US$89.2 million.
The Company's Senior Notes, which were offered in May 2008 with an aggregate principal amount of US$400 million, will mature on May 15, 2013, unless repurchased by the Company or converted in accordance with terms and conditions prior to such date. As of June 30, 2012, the total face value of the Company's Senior Notes was US$219.7 million. As of the date of this release, the Company had successfully reduced the total face value of its outstanding Senior Notes to US$130.5 million.
Dr. Peng Fang, CEO of JA Solar, said, "This repurchase of our Senior Notes demonstrates JA Solar's solid financial position and our ability to meet our financing obligations in the long term. This is also an important part of our efforts to maintain one of the healthiest balance sheets in the industry."
