XINYU CITY, China and SUNNYVALE, Calif., April 18, 2011 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today announced that, pursuant to the terms of the indenture governing its 4.75% convertible senior notes due 2013 ("convertible notes") and at the option of the holders, it repurchased on April 15, 2011 an aggregate principal amount of $351,775,000 of such convertible notes that it issued in April 2008.
On April 15, 2008, LDK Solar issued an aggregate principal amount of $400,000,000 of 4.75% convertible senior notes due 2013, which are convertible into its ADSs based on an initial conversion rate of 25.4534 ADSs per $1,000 principal amount of such convertible notes, subject to adjustments and limitations. Prior to April 15, 2011, LDK Solar repurchased an aggregate principal amount of $13,400,000 of the convertible notes from the open market, which were cancelled accordingly. On December 29, 2010, through an exchange offer, LDK Solar exchanged $31,918,000 in aggregate principal amount of the convertible notes with an equivalent principal amount of new convertible senior notes ("new convertible notes"), which differ from the exchanged convertible notes in that the holders of the new convertible notes cannot require LDK Solar to repurchase such new convertible notes on April 15, 2011. Subsequent to the repurchase by LDK Solar of $351,775,000 of the convertible notes on April 15, 2011, the aggregate principal amount of the convertible notes that remain outstanding, including the new convertible notes, is $34,825,000.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and a leading manufacturer of solar wafers in terms of capacity. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.
Safe Harbor Statement for LDK Solar
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.