Proceeds used for general corporate purposes in LDK Solar's operations
By Devika Patel
Knoxville, Tenn., April 26 - LDK Solar Co., Ltd. said it will raise $25.75 million in a second private placement of shares with Fulai Investments Ltd. on Thursday. The company completed a $24.51 million private placement of shares with the investor on March 26.
The company will sell 25 million ordinary shares at $1.03 per share. The price per share is a 16.94% discount to the April 24 closing share price of $1.24 and also reflects an 8% discount to the five-day average share price, the company said in a press release.
The deal will be completed in two tranches of $15 million in May and $10.75 million in June, with final settlement occurring by June 28.
Proceeds will be used for general corporate purposes in LDK Solar's operations.
LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China.
| Issuer: | LDK Solar Co., Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $25.75 million
|
| Shares: | 25 million
|
| Price: | $1.03
|
| Warrants: | No
|
| Investor: | Fulai Investments Ltd.
|
| Pricing date: | April 25
|
| Settlement date: | June 28
|
| Stock symbol: | NYSE: LDK
|
| Stock price: | $1.24 at close April 24
|
| Market capitalization: | $166.63 million
|
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