Canadian Solar slides after $200 mln convertible debt deal unveil

Shares of renewable energy firm Canadian Solar CSIQ.O down 8.7% at $20.10 in extended trading as it seeks capital raise

CSIQ announces private offering of $200 mln 5-yr convertible bonds

Co says plans to use net offering proceeds for investments in U.S. manufacturing capacity, and in the value chain supporting battery energy storage and solar power solutions, and for working capital and general corporate purposes

With ~67 mln shares outstanding, CSIQ has roughly $1.5 bln market cap, per LSEG data

Shares closed down 6.2% at $22.02 on Weds. Stock has gained 54% over the past three months

Of 12 analysts covering the CSIQ shares , recommendation breakdown is 3 "strong buy" or "buy", 4 "hold" and 5 "sell" or "strong sell"; median PT of $20 up from $11 on Nov 7 - LSEG