Canadian Solar announced that its wholly owned subsidiary CSI Solar Power (China) Inc. has successfully completed the initial issuance of RMB400 Million (US$60.0 million) commercial paper. With a tenor of 1 year, the commercial paper bears a fixed interest rate of 5.5%. Canadian Solar intends to use the proceeds from this issuance to repay debt and to enhance its working capital. China CITIC Bank Corporation Limited acted as the underwriter and book runner of the issuance.
"We are delighted to complete our first issuance of commercial paper in the Chinese capital market, further expanding our financing options. This transaction underscores investors' confidence in Canadian Solar's strong position in the global solar industry," commented Dr. Shawn Qu, Chairman and Chief Executive of Canadian Solar Inc.