$150m (+22.5m) sen unsec cb coming tonight from DB/JPM/GS/BARC.
Terms: 3¼-¾% up 27½-32½%, 3y put,full pctns.Cncrrnt 8.8m stk plcmnt. UOP=cb hedge/gcp/working cap. $850m Chinese solar mnfctr founded in ’97 w/stk+1.4x in LTM. Similar sized peer=JKS which issued a 150m 5y CB in 01/14 (4 up 30%) & now back out L+1100 (35%).TSL PFcash=718mdebt=1.33bn,LTMebitda=142m (FY14/15 exp=246 & 342m respectively, net lev=4.3x.We’d assume L+900. ADV=5m, 01/
16 same strike calls~60iv bid, 1y 100/200d=86/80vol. Co paid old cb maturity in 07/13, providing some reassurance + 3y put w/help offset some -ve gamma. Brw facility, mkt -1-2% but stk plcmnt w/ help. We’d assume 35%/.5% brw = 103.2/105/106.8.Hearing some pre placement so exp allos 2 be tight. This one shines brightly.