********** $100m (+15m) sen unsec cb coming tonite from CS/JPM/NOM.Terms:5y 4¼-¾% up 25-30%, full pctns.Concrnt 2.6m (+390k) stk placement UOP=gcp/expanding capacity. $1.7bn solar manufacturer founded in
2001 w/facilities in CANADA/CHINA & 1000 custies in 40 countries Stk +11x since 03/13 (yes 11x!). PFcash=274m,debt=1.092bn (800m= s/term Chinese bank funding),LTMebitda=185m,fcf=130m.FY14 ebitda exp 432m, FY15 525m. Different busineses but here are some China spreads; 5y JKS ~L+1437, 2.7y CTRP ~L+510, 2.8y SINA~L+450, 2.8y SFUN ~L795 (all 35vol). We’d assume L+1000. ADV=2.9m, like JKS 01/16 listed 70iv+. Unlike QIHU/SINA/CTRP, CSIQ puts don’t match We’ll cap @ 35% (remember how ctrp traded on way down). Brw -1.5/2 but exp 2 free up (we’ll use 75bp). Theo=102.2/104.1/106.2.