Trina Prices Deal $2.64 Below Prospectus

Trina Solar expected to price its secondary at $22.89, but the actual price for the 7.9 million share deal was $20.25.

Author:: Eric Rosenbaum
Publish date:: Mar 19, 2010 9:23 AM EDT

CHANGZHOU, China (

) -- In its prospectus filing for a 7.9 million share secondary offering on Wednesday night,

Trina Solar

(TSL)

indicated that it would price shares at $22.89.

The Trina prospectus pricing quote was off the mark after Thursday's almost $3 drop in Trina's share value. Trina shares closed on Thursday at $20.54, and on Friday morning, Trina announced that it would price the secondary offering at $20.25.

Trina shares are down close to 2% in the pre-market to $20.15.

The amount of shares being offering by Trina equaled 13% of shares outstanding, and Trina shares were driven down yesterday by investors doing the share dilution math customary in the case of secondaries.

Trina Solar will receive net proceeds of approximately $152.6 million, or $175.6 million if the offering is oversubscribed by an additional 1 million shares.

Trina had said in the prospectus that it planned to use $150 million for capacity expansion and research and development projects.

-- Reported by Eric Rosenbaum in New York.

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