Canadian Solar signed a $100.0 million two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch (Credit Suisse).
In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 1,348,040 shares of common stock at an exercise price of $24.48 per share. The warrants will expire two years from the date of the closing, on October 25, 2017. The term loan facility may be increased by up to an additional $100.0 million, subject to customary conditions. The term loan is being used to retire a bridge loan used to finance the acquisition of Recurrent Energy LLC and for general corporate purposes.
"We thank Credit Suisse for their continued confidence and support," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This credit facility increases our financial flexibility as we continue the build-out of our high-quality utility-scale project pipeline in the U.S."