Heavily indebted PV manufacturer, LDK Solar plans to raise approximately US$472.7 million from Chinese institutional investors via a notes issue staged over the next three quarters. LDK Solar said that the net proceeds were to be used to replace short-term debts.
The first tranche of approximately US$78.8 million is to be issued on December 7, 2011 and due December 8, 2014. The second tranche of the same amount will be issued in the first quarter of 2012. The third and fourth tranches are for larger sums, approximately US$116 million, issued in the second and third quarters of 2011.