LDK Solar Co. Ltd. (NYSE: LDK) closed its follow-on public offering of 13.8 million American depositary shares (ADSs) representing 13.8 million ordinary shares of the company. The offering included additional 1.8 million ADSs related to the underwriters’ over-allotment option, which was exercised in full. The company received aggregate net proceeds of approximately $164.2 million, after deducting underwriting discounts and commissions. The company priced a follow on offering of 12 million ADSs, each representing one ordinary share, at a price to the public of $12.40 per ADS. The net proceeds from this offering are expected to be used for general corporate purposes.
The company also closed US$-settled 10% senior notes due 2014 in the aggregate principal amount of RMB 1.2 billion being offered and sold outside the U.S. The notes bear interest at the rate of 10% per annum from February 28, 2011, payable semi-annually in arrears on February 28 and August 28 of each year, beginning on August 28, 2011. The notes will mature on February 28, 2014, and will be guaranteed by certain of company�s offshore subsidiaries. The company intends to use the net proceeds of the offering to repay certain of its existing indebtedness with remaining maturities of up to one year.
The company revised its guidance for the fourth quarter and full year 2011, with the fourth-quarter revenue in the range of $870 million-$910 million, wafer shipments of 615 to 620 megawatts (MW), module shipments of 160 MW to 165 MW, in-house polysilicon production of 1,900 MT and 1,910 MT, in-house cell production between 26 MW and 27 MW, and gross margin between 25.0% and 27.0%. The company’s prior guidance for the fourth quarter was revenue of $710 million-$750 million, wafer shipments of 580 MW to 600 MW, and module shipments of 120 to 130 MW, in-house polysilicon production between 1,700 MT and 1,900 MT, in-house cell production between 20 MW and 23 MW, and gross margin between 24.0% and 26.0%.
For fiscal 2011, the company expects revenue in the range of $3.5 billion-$3.7 billion, wafer shipments of 2.7 to 2.9 gigawatts (GW), module shipments of 800 MW to 900 MW, in-house polysilicon production of 10,000 MT and 11,000 MT, in-house cell production between 500 MW and 600 MW, and gross margin between 23.0% and 28.0%. The company’s prior guidance for fiscal 2011 was revenue of $2.9 billion-$3.3 billion, wafer shipments of 2.5 GW to 2.8 GW, and module shipments of 700 MW to 800 MW, in-house polysilicon production between 9,000 MT and 10,000 MT, in-house cell production between 400 MW and 500 MW, and gross margin between 22.0% and 28.0%.
LDK Solar stock is currently trading at $13.39. The stock is up 2.13% from its previous close. LDK Solar shares touched the high of $13.49 and lowest price in today�s session is $12.55.
The company stock traded in the range of $4.97 and $15.10 during the past 52 weeks. The company�s market cap is $1.96 billion.
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