LDK buys back $21.5 million convertibles due 2013, notes due 2014

By Ashley Montgomery

Kansas City, Kan., Sept. 23 - LDK Solar Co., Ltd. said it repurchased $21.5 million of its notes in the open market.

The company bought $10.8 million principal amount of its 4.75% convertible senior notes due 2013 for $7.4 million, a discount from par. It also repurchased $10.7 million principal amount of its renminbi-denominated, dollar-settled 10% senior notes due 2014 for $8.2 million, also a discount from par.

LDK's chairman and chief executive officer Xiaofeng Peng said that the purchases were part of an effort to reduce debt.

LDK is based in Xinyu City, Jiangsxi Province, China. The company manufactures photovoltaic products.

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