LDK Solar launches exchange offer for 4.75% convertible senior notes

By Marisa Wong

Madison, Wis., Nov. 24 - LDK Solar Co., Ltd. said that it has started an exchange offer for up to $300 million of its $395 million of outstanding 4.75% convertible senior notes due 2013.

The company is offering new 4.75% convertible senior notes due 2013 and a cash consideration.

LDK Solar is conducting 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 is scheduled to expire at 11:59 p.m. ET on Dec. 22.

For each $1,000 principal amount of existing notes, holders will receive $1,000 of new notes plus a cash consideration of $60 to $85. The cash consideration will be determined by a modified Dutch auction procedure.

In addition, holders of existing notes that are accepted for exchange will be paid in cash accrued interest up to but excluding the settlement date of the offer.

If the amount of existing notes tendered on or before the expiration date exceeds the exchange offer amount, the company will accept notes for payment on a pro rata basis.

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