LDK Solar Co., Ltd.: Closing of Follow-on Public Offering
LDK Solar Announces Closing of Follow-on Public Offering of 16.52 Million American Depositary Shares
XINYU CITY, China and SUNNYVALE, Calif., Dec 23, 2009 / LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, today closed a follow-on offering of 16,520,000 American depositary shares ("ADSs"), each representing one ordinary share, at a price to the public of $7.00 per ADS. The Company has received net proceeds of US$111,014,400 from this offering.
LDK Solar expects to use approximately US$90.0 million of its net proceeds to pay down short-term debt and the remaining net proceeds to fund the polysilicon production plant and the expansion of the solar module business, and for general corporate purposes.
Morgan Stanley and Citi acted as joint bookrunners for the offering. LDK Solar's F-3 registration statement and the final prospectus supplement are available from the SEC website at: http://www.sec.gov.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK Solar sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, LDK Solar provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California.
SOURCE LDK Solar Co., Ltd.