Proceeds used for general corporate purposes in LDK Solar's operations
By Devika Patel
Knoxville, Tenn., March 26 - LDK Solar Co., Ltd. said it took in $15.36 million in the second and final tranche of a $24.51 million private placement of shares. Fulai Investments Ltd. is the investor for the deal, which priced for $31.11 million on Jan. 21 and had raised $9.15 million by Feb. 28.
The company sold 17 million ordinary shares. LDK Solar sold 5 million shares at $1.83 per share in the first tranche and 12 million shares at $1.28 per share in the second tranche.
The price per first-tranche share is identical to the Jan. 18 closing share price. The price per second-tranche share is a 30.05% discount to that price.
Proceeds will be used for general corporate purposes in LDK Solar's operations.
LDK Solar is a manufacturer of photovoltaic products and is based in Xinyu City, China.
| Issuer: | LDK Solar Co., Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $24.51 million
|
| Shares: | 17 million
|
| Price: | $1.83 (for 5 million shares), $1.28 (for 12 million shares)
|
| Warrants: | No
|
| Investor: | Fulai Investments Ltd.
|
| Pricing date: | Jan. 21
|
| Settlement dates: | Feb. 28 (for $9.15 million), March 26 (for $15.36 million)
|
| Stock symbol: | NYSE: LDK
|
| Stock price: | $1.83 at close Jan. 18
|
| Market capitalization: | $141.19 million
|
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