By Susanna Moon
Chicago, Dec. 12 - LDK Solar Co., Ltd. said it closed the first tranche of domestic notes for RMB 500 million, issued by its subsidiary Jiangxi LDK Solar Hi-Tech Co., Ltd., with a coupon of 6.8%.
Proceeds will be used to replace the company's short-term debt, according to a company press release.
The company said on Nov. 30 that it planned to issue RMB 3 billion principal amount of notes to institutional investors in China.
As previously noted, there will be four tranches of notes, with each tranche priced in line with prevailing market conditions.
The first tranche, for RMB 500 million, was to be issued on Dec. 7 and mature on Dec. 8, 2014, according to a previous release.
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, also 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.
| Issuer: | LDK Solar Co., Ltd.
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| Issue: | Notes
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| Amount: | RMB 500 million
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| Maturity: | Dec. 8, 2014
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| Coupon: | 6.8% notes
|
| Underwriter: | China Minsheng Banking Corp.
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