Controlling shareholder LDK New Energy buys shares at $5.8958 apiece
By Devika Patel
Knoxville, Tenn., Sept. 19 - LDK Solar Co., Ltd. said it completed a $25.79 million private placement of stock.
The company sold 4,374,315 ordinary shares at $5.8958 per share to controlling shareholder LDK New Energy Holding Ltd. The price per share is a 17.92% premium to the Sept. 16 closing share price of $5.00.
The placement was conducted as a remedy for a share repurchase program in which the company repurchased American Depositary Shares between July 11 and Aug. 26. The $110 million paid under the program exceeded the amount permitted under the company's RMB 1.2 billion 10% senior notes due 2014 by $12.8 million.
Proceeds will be used for corporate purposes.
LDK Solar is a solar wafer producer based in Xinyu City, China.
| Issuer: | LDK Solar Co., Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $25,790,086
|
| Shares: | 4,374,315
|
| Price: | $5.8958
|
| Warrants: | No
|
| Investor: | LDK New Energy Holding Ltd.
|
| Settlement date: | Sept. 19
|
| Stock symbol: | NYSE: LDK
|
| Stock price: | $5.00 at close Sept. 16
|
| Market capitalization: | $646.63 million
|
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