LDK Solar Co., Ltd. announced the results of its offer to exchange (as amended, the "Exchange Offer") up to $300 million in aggregate principal amount of its currently outstanding 4.75% Convertible Senior Notes due 2013 (CUSIP Nos. 50183L AA 5 and 50183L AB 3) (the "Existing Notes") for an equal aggregate principal amount of a newly issued class of 4.75% Convertible Senior Notes due 2013 (the "New Notes") and cash in an amount not greater than $100 nor less than $85 (as amended, the "Cash Consideration" and, together with the New Notes, the "Exchange Consideration"), which expired at 11:59 p.m., New York City time, on Wednesday, December 22, 2010.
The total principal amount of Existing Notes accepted for exchange was approximately $31,918,000. Holders of Existing Notes that validly tendered and did not validly withdraw their Existing Notes prior to the expiration of the Exchange Offer will receive the Exchange Consideration, including the Cash Consideration, on the settlement date of the Exchange Offer, which is expected to be December 29, 2010.
Pursuant to the terms of the modified "Dutch Auction," the Company determined the Cash Consideration portion of the Exchange Consideration to be $100 for each $1,000 principal amount of Existing Notes. In addition, holders of Existing Notes whose Existing Notes were accepted for exchange in the Exchange Offer will be paid cash in an amount equal to the accrued and unpaid interest on the Existing Notes up to, but excluding, the settlement date of the Exchange Offer, which is expected to be December 29, 2010.
The Exchange Offer was subject to the terms and conditions set forth in a Schedule TO (including the Exchange Offer Memorandum and related Amended Letter of Transmittal), filed by LDK Solar with the Securities and Exchange Commission ("SEC") on November 24, 2010, as amended and supplemented by Amendment No. 1, filed by LDK Solar with the SEC on December 10, 2010 and Amendment No. 2, to be filed by LDK Solar with the SEC.
The financial advisor for the Exchange Offer was Piper Jaffray & Co., the information agent for the Exchange Offer was Georgeson Inc. and the exchange agent for the Exchange Offer was The Bank of New York Mellon. Holders of the Existing Notes who have questions may call the information agent at (800) 457-0759. Banks and brokerage firms may call (212) 440-9800.
