Thursday, April 10, 2008

LDK Solar Prices US$400 Million Convertible Senior Notes

XINYU CITY, China and SUNNYVALE, Calif., April 10/PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. , announced today the pricing of $400 million of 4.75% Convertible Senior Notes due 2013 pursuant to Rule 144 A under the United States Securities Act of 1933, as amended (the "Securities Act"). The notes will pay cash interest semiannually at a rate of 4.75% per annum and in certain circumstances,will be convertible into LDK Solar's American depositary shares, cash or acombination of cash and American depositary shares. The initial conversion rate, subject to adjustment, is 25.4534 LDK Solar American depositary shares per US$1,000 principal amount of notes, which is equal to the initial conversion price of approximately US$39.29 per American depositary share, which represents an approximate 25% premium to the closing price of $31.43 on April 9, 2008. The closing of the offering is expected to occuron April 15, 2008.

LDK Solar expects to use the net proceeds of the offering to enter into prepaid forward contracts with one or more of the initial purchasers and/or their affiliates to repurchase approximately $200 million worth of its American depositary shares. In addition, LDK Solar expects to use approximately 75% of the remaining net proceeds to fund the construction of a polysilicon manufacturing plant, approximately 20% of the remaining net proceeds to fund the capacity expansion of its wafer production facilities and 5% of the remaining net proceeds to fund other general corporate activities.

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