Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 37

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 37
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. We estimate that the net proceeds from the Concurrent Notes Offering, if it is consummated, will be approximately US$486.1 million (or approximately US$534.9 million if the initial purchasers in the Concurrent Notes Offering fully exercise their option to purchase additional Notes), after deducting the initial purchasers’ discounts and commissions and estimated issuance expenses. We expect to use the net proceeds of the Concurrent Notes Offering for working capital needs and the refinancing of our

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existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of our convertible bonds due 2029.

The convertible senior notes will bear cash interest at an annual rate of 2.25%, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2025. The convertible senior notes will mature on June 1, 2032, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. The initial conversion rate of the Notes is 30.2343 ADSs, per US$1,000 principal amount of convertible senior notes (which is equivalent to an initial conversion price of approximately US$33.08 per ADS and represents a conversion premium of approximately 35% above the public offering price of US$24.50 in this offering. The conversion rate of the convertible senior notes is subject to adjustment upon the occurrence of certain events. Prior to the close of business on the business day immediately preceding December 1, 2031, the convertible senior notes will be convertible only upon satisfaction of certain conditions and during certain periods. On or after December 1, 2031, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their convertible senior notes at their option at any time. Upon conversion, we will pay or deliver, as the case may be, cash, ADSs or a combination of cash and ADSs, at our election. Holders may also elect to receive Class A ordinary shares in lieu of any ADSs deliverable upon conversion, subject to certain procedures and conditions set forth in the terms of the convertible senior notes. We may redeem for cash all but not part of the convertible senior notes (i) in the event of certain tax law changes (a “Tax Redemption”) and (ii) if less than 10% of the aggregate principal of amount of notes originally