Trina Solar Ltd. (TSL:US) said it expects to retire the last of $138 million in bonds it issued in 2008 by the deadline for repayment on July 15.
The Chinese solar panel maker said it has $57 million more to repay on the principle of the bonds after it started making repurchases in the fourth quarter of 2011, according to a statement released today from the company’s headquarters in Changzhou.
Trina’s competitors, Suntech Power Holdings (STP:US) Co. Ltd. and LDK Solar Co. Ltd., both have failed to fully repay their debts in the past year as manufacturing overcapacity depressed panel prices worldwide.
Trina had $84 million of the notes outstanding at the end of the first quarter and has purchased $27 million since then. The company had $822.3 million in cash at the end of the first quarter and bank borrowings of $1.2 billion.
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