LDK Solar raises $149 million from follow-on

The US-listed Chinese company prices the overnight deal at a 4.8% discount versus its latest closing price.

LDK Solar, a vertically integrated manufacturer of wafers and other products for the solar power industry, has raised $148.8 million from a follow-on share sale that was completed before the US market opened yesterday. The deal was well received and the share price finished well above the placement price in US trading overnight.

Operating in a capital-intensive industry, LDK is a frequent issuer that is known to investors and this deal makes it the first Chinese company listed in the US to complete a new share isse of size this year. The company, which is based in Xinyu City in China’s Jiangxi province, last raised new equity in December 2009 and before that in September...

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