Company Update (NASDAQ:CSIQ): Canadian Solar Inc. Issues RMB400 Million Commercial Paper
Canadian Solar Inc. (NASDAQ:CSIQ) 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 Solarintends 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. (Original Source)
Shares of Canadian Solar closed last Friday at $13.04, down $0.63 or -4.61%. CSIQ has a 1-year high of $29.83 and a 1-year low of $12.12. The stock’s 50-day moving average is $13.68 and its 200-day moving average is $16.78.
On the ratings front, CSIQ has been the subject of a number of recent research reports. In a report issued on August 24, Barclays analyst Jon Windham reiterated a Hold rating on CSIQ, with a price target of $14, which implies an upside of 7% from current levels. Separately, on August 22, FBR’s Carter Driscoll reiterated a Buy rating on the stock and has a price target of $23.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Carter Driscoll have a total average return of -12.8% and -20.4% respectively. Windham has a success rate of 30% and is ranked #3810 out of 4124 analysts, while Driscoll has a success rate of 16% and is ranked #3991.
Canadian Solar, Inc. designs, develops, and manufactures solar wafers, cells and solar power products. Its products include a range of standard solar modules built to general specifications for use in a range of residential, commercial and industrial solar power generation systems. Canadian Solar also designs and produces solar modules and products based on its customer’s requirements.