Solar is to raise $300 million in Senior Convertible Notes – due 2013 –
to primarily fund the completion of its two polysilicon plants
currently under construction in China. The capital is thought to be
required primarily for the second and largest plant under construction
that has an expected capacity of 15,000MT per annum, completion of
which is planned for next year.
However, LDK Solar said that it expects approximately 20 percent of the remaining net proceeds to fund the capacity expansion of its wafer production facilities and 5 percent of the remaining net proceeds to fund other general corporate activities.