Published:
LDK Solar Announces Proposed Offering of US$300 Million Senior Convertible Notes
XINYU CITY,China andSUNNYVALE, Calif., April 8, 2008
/PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK), announced today its
intention to offer, subject to market and other conditions, approximately $300
million aggregate principal amount of Senior Convertible Notes due 2013
pursuant to Rule 144A under the United States Securities Act of 1933, as
amended (the "Securities Act"). The notes are convertible into LDK Solar's
American depositary shares, cash or a combination of cash and American
depositary shares. The interest rate, conversion price and other terms are
to be determined by negotiations between LDK Solar and the initial purchasers
of the notes.
LDK Solar expects to use the net proceeds of the offering to enter into
prepaid forward contracts with one or more of the initial purchasers and/or
their affiliates to repurchase approximately $150 million worth of its
American depositary shares. In addition, LDK Solar expects to use
approximately 75% of the remaining net proceeds to fund the construction of a
polysilicon manufacturing plant, approximately 20% of the remaining net
proceeds to fund the capacity expansion of its wafer production facilities and
5% of the remaining net proceeds to fund other general corporate activities.
This notice does not constitute an offer to sell or the solicitation of an
offer to buy securities. Any offers of the securities will be made only by
means of a private offering memorandum. The sale of the notes and the American
depositary shares issuable upon conversion have not been registered under the
Securities Act or the securities laws of any other jurisdiction and may not be
offered or sold inthe United States absent registration or an applicable
exemption from registration requirements.
Safe Harbor Statement
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
announcement are forward-looking statements, including but not limited to, LDK
Solar's ability to raise additional capital to finance LDK Solar's activities;
the effectiveness, profitability, and marketability of its products; the
future trading of the securities of LDK Solar; the ability of LDK Solar to
operate as a public company; the period of time for which its current
liquidity will enable LDK Solar to fund its operations; LDK Solar's ability to
protect its proprietary information; general economic and business conditions;
the volatility of LDK Solar's operating results and financial condition; LDK
Solar's ability to attract or retain qualified senior management personnel and
research and development staff; and other risks detailed 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
current expectations, assumptions, estimates and projections about LDK Solar
and the industry. These statements are based upon information available to LDK
Solar's management as of the date hereof. Actual results may differ materially
from the anticipated results because of certain risks and uncertainties.
LDK Solar undertakes no obligation to update forward-looking statements to
reflect subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although LDK Solar believes
that the expectations expressed in these forward-looking statements are
reasonable, they cannot assure you that their expectations will turn out to be
correct, and investors are cautioned that actual results may differ materially
from the anticipated results.
SOURCE LDK Solar Co., Ltd.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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