Company: GDHLF
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001410578-25-000935
Chunk: 297

Company: GDS Holdings Ltd
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 297
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 to certain conditions.

Table of Contents

Loans and borrowings

As of December 31, 2023 and 2024, we had short-term borrowings of RMB422.4 million with weighted average interest rate of 3.17%, and RMB1,798.5 million (US$246.4 million) with weighted average interest rate of 6.39%, respectively, and long-term borrowings (including current portion) of RMB25,248.0 million with weighted average interest rate of 4.84%, and RMB24,449.1 million (US$3,349.5 million) with weighted average interest rate of 4.12%, respectively, taking into consideration of debt issuance costs relating to the facilities.

Our company, through one or more of our subsidiaries, the VIEs and their subsidiaries entered into secured and unsecured loan agreements with various financial institutions for project development and working capital purpose with terms ranging from one to fifteen years.

More specifically, the terms of these secured loan facility agreements generally include one or more of the following conditions. If any of the below conditions were to be triggered, we could be obligated to notify the lender or repay any loans outstanding immediately or on an accelerated repayment schedule. See “ Item 3. Key Information - D. Risk Factors - Risks to Our Business and Industry - Our substantial level of indebtedness could adversely affect our ability to raise additional capital to fund our operations, expose us to interest rate risk to the extent of our variable rate debt and prevent us from meeting our obligations under our indebtedness.”

The secured loan facilities can be divided into onshore project loan facilities and offshore project loan facilities.

Below are the terms and conditions for onshore project loan facilities:

  our company and GDS Investment Company are not or cease to be, directly or indirectly, the legal and beneficial owner of 100% of equity interests of, and have the power (whether by way of owner...  

  Management HoldCo ceases to, directly or indirectly, own at least 100% of the equity interests of, and have the power to control, GDS Beijing or GDS Suzhou;  

  GDS Beijing, GDS Suzhou and the relevant borrowing subsidiaries cease to, directly or indirectly, be the legal and beneficial owner of 100% of equity interests of, and have the power (whether b...  

  GDS Holdings is not or ceases to be, directly or indirectly, the legal and beneficial owner of all equity interests held