LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a vertically integrated manufacturer of photovoltaic products, announced that it plans to issue an aggregate principle amount of RMB3,000,000,000 notes to institutional investors in the People’s Republic of China.
ChinaMinsheng Banking Corp. (“CMBC”) will act as underwriter and the notes will be issued in four tranches with each tranche priced in line with the then prevailing market conditions. The first tranche, consisting of an aggregate principal amount of RMB500,000,000 (approximately USD78,800,000), will be issued on December 7, 2011 and will be due on December 8, 2014.
The second tranche, consisting of an aggregate principal amount of RMB500,000,000, is currently scheduled to be issued in first quarter of 2012; the third tranche, consisting of an aggregate principal amount of RMB1,000,000,000, is currently scheduled to be issued in second quarter of 2012; and the fourth tranche, consisting of an aggregate principal amount of RMB1,000,000,000, is currently scheduled to be issued in the third quarter of 2012.
LDK Solar intends to use the net proceeds of the offering to replace short-term debts.