LDK Solar Completes Sale of an Additional RMB 500,000,000 US$-Settled 10.00% Senior Notes Due 2014
XINYU CITY, China and SUNNYVALE, Calif., April 11, 2011 /PRNewswire/ -- LDK Solar Co., Ltd. (NYSE: LDK) ("LDK Solar"), a leading vertically integrated manufacturer of photovoltaic products and a leading manufacturer of solar wafers in terms of capacity, announced today the closing of its offering of an additional RMB 500,000,000 in aggregate principal amount of US$-settled 10.00% senior notes due 2014 (the "Additional Notes"), being offered and sold outside the United States pursuant to Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"). The Additional Notes were issued as additional securities under an existing indenture (the "Indenture") pursuant to which LDK Solar previously issued RMB 1,200,000,000 in aggregate principal amount of US$-settled 10.00% senior notes due 2014 (the "Existing Notes"). The Additional Notes and the Existing Notes will be treated as a single class of notes under the Indenture.
The estimated net proceeds from the issue of the Additional Notes, after deduction of fees and expenses, will amount to approximately US$76.2 million and LDK Solar intends to use the net proceeds of the offering of Additional Notes for general corporate purposes.
Morgan Stanley & Co. International plc acted as sole placement agent in connection with the private placement of the Additional Notes.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers of the securities must be made only by means of a private offering memorandum. The Additional Notes and the related guarantees have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE LDK Solar Co., Ltd.
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