Proceeds used for general corporate purposes in LDK Solar's operations
By Devika Patel
Knoxville, Tenn., Feb. 28 - LDK Solar Co., Ltd. said it took in $9.15 million in the first tranche of a $31.11 million private placement of shares. Fulai Investments Ltd. is the investor for the deal, which priced on Jan. 21.
The company is selling 17 million ordinary shares at $1.83 per share. The price per share is identical to the Jan. 18 closing share price.
LDK Solar sold 5 million shares in the first tranche and will sell the remaining 12 million shares in a second tranche that is expected to settle on March 28.
Proceeds will be used for general corporate purposes in LDK Solar's operations.
LDK Solar is a manufacturer of photovoltaic products based in Xinyu City, China.
Issuer: | LDK Solar Co., Ltd.
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Issue: | Ordinary shares
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Amount: | $31.11 million
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Shares: | 17 million
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Price: | $1.83
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Warrants: | No
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Investor: | Fulai Investments Ltd.
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Pricing date: | Jan. 21
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Settlement date: | Feb. 28 (for $9.15 million), March 28 (for $21.96 million)
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Stock symbol: | NYSE: LDK
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Stock price: | $1.83 at close Jan. 18
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Market capitalization: | $213.69 million
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