$125m (25m) 144a sen sb pricing from CS.
Terms: 5yr, 3.75-4.25% up 22.5%-27.5%, 3yr put. UOP = capped call trans & cap ex
$591m mkt cap. Jinko Solar is a vertically-integrated solar company based in China. They went public just a year ago and are spending heavily on capex. Their other debt is bank debt, much of it is secured. We’ll use L+900
Small chinese company w/aggressive expansion plans which means limited audiance. Recent issues for Chinese co’s listed in US may deter some. You have to like underlying story to buy
AVOID
PF Cash $244m
PF Debt $563m
LTM EBITDA $165m
LTM FCF -$163m
Leverage 3.4x
Mkt Cap $595m
Small china solar prod co that went public 1 yr ago. Spending heavily to add capacity -185MW YE08 to 600MW YE10 exxpecting 1.5GW YE11. Burning a lot of cash & expected to continue with ’11 cap-ex spending to be ~450m vs 200m 2010. Most of debt is s/t bank debt, incl $91m 1yr term loan issued March. Have been taking on more bank debt, much secured.
Announced $30m buyback this week.
L+900