GDS Holdings Limited (GDS) announced the pricing of its underwritten registered public offering of 5.20 million American Depositary Shares (ADSs), each representing eight Class A ordinary shares, par value US$0.00005 per share, at a public offering price of US$24.50 per ADS.
The underwriters have been granted a 30-day option to purchase up to 780,000 additional ADSs. The offering is expected to close on May 30, 2025.
GDS estimates that the net proceeds from the Primary ADSs Offering will be about $123.0 million, after deducting the underwriters discount and estimated offering expenses or approximately $141.6 million if underwriters exercise in full their option to purchase additional ADSs. The Company will receive all of the net proceeds from the Primary ADSs Offering and plans to use such net proceeds for general corporate purposes, working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.
In a separate press release, the Company announced the pricing of a registered public offering of 6 million ADSs, at a public offering price of US$24.50, that the company will lend to an affiliate of an initial purchaser in the Notes Offering in order to facilitate the privately negotiated derivative transactions entered into by some holders of the Notes for purposes of hedging their investment in the Notes.
The company also announced by separate press release the pricing of an offering of 2.25% convertible senior notes in an aggregate principal amount of US$500 million due 2032 (the Notes) in a private offering, which size was upsized from $450 million aggregate principal amount.
The company has granted the initial purchasers in the Notes Offering an option to purchase up to an additional US$50 million in aggregate principal amount of the Notes, exercisable for settlement within a 13-day period, beginning on, and including, the first date on which the Notes are issued.
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