LDK Solar plans to sell RMB 3 billion notes to institutional investors

By Susanna Moon

Chicago, Nov. 30 - LDK Solar Co., Ltd. said it plans to issue RMB 3 billion principal amount of notes to institutional investors in China.

The notes will be issued in four tranches, with each tranche priced in line with prevailing market conditions.

The first tranche, for RMB 500 million, will be issued on Dec. 7 and will mature on Dec. 8, 2014. The second tranche, also for RMB 500 million, is set for issue in the first quarter of 2012. The third tranche, for RMB 1 billion, is scheduled for issue in the second quarter of 2012. And the fourth tranche, for RMB 1 billion, will be issued in the third quarter of 2012.

Proceeds will be used to replace short-term debts.

China Minsheng Banking Corp. will be the underwriter.

LDK Solar is a Xinyu City, Jiangxi Province, China-based producer of solar wafers and photovoltaic products.

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