LDK Solar lifts cash part of USD-300m notes repurchase offer
(ADPnews) - Dec 10, 2010 - Chinese LDK Solar (NYSE:LDK) yesterday said it has raised the cash part of its offer to redeem up to USD 300 million (EUR 226m) of senior notes due 2013 to USD 85-100 per each USD 1,000 of existing notes.
The photovoltaic (PV) products maker had previously offered to exchange each USD 1,000 of existing notes for an equal amount of newly issued notes with the same terms and USD 60 to USD 85 in cash.
LDK said that all conditions of its exchange offer, except the cash consideration, will remain unchanged.
The exact amount of the cash to be offered will be set in a modified Dutch auction procedure as previously announced.
The company said it had USD 395 million of outstanding notes as of December 9.
The offer will be valid until December 22, unless extended.