GDS Prices Upsized Offering Of US$500 Mln Convertible Senior Notes

(RTTNews) - GDS Holdings Limited (GDS), a developer and operator of high-performance data centers in China, announced the pricing of its offering of 2.25% convertible senior notes in an aggregate principal amount of US$500 million due 2032. The size of the offering was increased from the previously announced $450 million aggregate principal amount of Notes.

The company expects to close the Notes Offering on or about May 30, 2025.

GDS estimates that the net proceeds from the Notes Offering will be approximately $486.1 million, after deducting the initial purchasers discount and estimated offering expenses or approximately $534.9 million if the initial purchasers exercise in full their option to purchase additional Notes.

The company plans to use the net proceeds from the Notes Offering for 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.

When issued, the Notes will be senior unsecured obligations of GDS and bear interest at a rate of 2.25% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2025. The Notes will mature on June 1, 2032, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date.