LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a manufacturer of multicrystalline solar wafers and PV products, today announced that, pursuant to the terms of the indenture governing its 4.75% convertible senior notes due 2013 ("convertible notes") and at the option of the holders, it repurchased on April 15, 2011 an aggregate principal amount of $351,775,000 of such convertible notes that it issued in April 2008.
On April 15, 2008, LDK Solar issued an aggregate principal amount of $400,000,000 of 4.75% convertible senior notes due 2013, which are convertible into its ADSs based on an initial conversion rate of 25.4534 ADSs per $1,000 principal amount of such convertible notes, subject to adjustments and limitations. Prior to April 15, 2011, LDK Solar repurchased an aggregate principal amount of $13,400,000 of the convertible notes from the open market, which were cancelled accordingly.
On December 29, 2010, through an exchange offer, LDK Solar exchanged $31,918,000 in aggregate principal amount of the convertible notes with an equivalent principal amount of new convertible senior notes ("new convertible notes"), which differ from the exchanged convertible notes in that the holders of the new convertible notes cannot require LDK Solar to repurchase such new convertible notes on April 15, 2011. Subsequent to the repurchase by LDK Solar of $351,775,000 of the convertible notes on April 15, 2011, the aggregate principal amount of the convertible notes that remain outstanding, including the new convertible notes, is $34,825,000.
