LDK Solar Announces Private Placement of 4.4 Million Ordinary Shares
Sep 19,2011
Xinyu City, China and Sunnyvale, California, September 19, 2011 – LDK Solar Co., Ltd. (“LDK Solar” or the “Company”; NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, today announced its private placement of 4.4 million ordinary shares. Pursuant to a share repurchase program established on June 27, 2011, LDK Solar repurchased American depositary shares, each representing one ordinary share of the Company, in the open market or through privately negotiated transactions, for an aggregate amount of US$110 million between July 11 and August 26, 2011, which exceeded the permitted Restricted Payments under the Indenture dated February 28, 2011 relating to the Rmb 1.2 billion US$-Settled 10% Senior Notes due 2014 by US$12.8 million. As a remedy and for other corporate purposes, on September 19, 2011, the Company privately issued and placed 4,374,315 ordinary shares at a price of US$5.8958 per share, the average repurchase price under the share repurchase program, for an aggregate of US$25,790,086 to LDK New Energy Holding Limited, the controlling shareholder of the Company.