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First Solar Announces Closing of Common Stock Offering

Received approximately $427.7 million in net proceeds

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

First Solar, Inc. announced the closing of an underwritten public offering of 9,747,000 shares of its common stock, including 1,247,000 shares issued and sold as a result of the exercise of substantially all of the underwriters’ over-allotment option on June 17, 2013, at a public offering price of $46.00 per share.

First Solar received approximately $427.7 million in net proceeds from the offering after underwriting discounts and estimated offering expenses. First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies.

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