LDK Solar accepts tenders for $31.92 million of 4.75% convertibles

By Jennifer Chiou

New York, Dec. 27 - LDK Solar Co., Ltd. accepted tenders for exchange for $31,918,000 of its $395 million of 4.75% convertible senior notes due 2013, according to a 6-K filing with the Securities and Exchange Commission.

The company was offering new 4.75% convertible senior notes due 2013 and a cash amount in the up to $300 million exchange offer.

For each $1,000 principal amount of existing notes, holders received $1,000 of new notes plus a cash payment of $100. The cash payment was determined using a modified Dutch auction procedure, with an acceptable bid range of $85 to $100, previously lifted from $60 to $85.

As already reported, LDK Solar conducted the exchange offer to reduce the total principal amount of its outstanding existing notes, for which holders have a put option on April 15, 2011. The new notes are identical to the existing ones except that they do not have a put option.

The offer expired at 11:59 p.m. ET on Dec. 22. It began on Nov. 24.

In addition, holders of existing notes accepted for exchange were paid in cash accrued interest up to but excluding the settlement date of the offer, Dec. 29.

The financial adviser for the offer was Piper Jaffray & Co., and the exchange agent was the Bank of New York Mellon. Georgeson Inc. (888 337-7699 or 212 616-2180) was the information agent.

LDK Solar is a manufacturer of photovoltaic products and producer of multicrystalline wafers. Its headquarters and manufacturing facilities are located in Xinyu City, China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.