Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 85

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 85
---
 and future agreements governing our indebtedness. In addition, if the initial purchasers exercises their option to purchase additional convertible senior notes in full, or if we issue other debt securities in the future, our debt service obligations will increase. The existing convertible senior notes contain similar protections concerning the holders’ right to require us to repurchase the existing convertible senior notes upon the occurrence of a fundamental change (as defined in the terms of such existing convertible senior notes) as well as similar provisions regarding our ability to redeem the existing convertible senior notes in case of certain changes in tax law, upon a cleanup redemption by us or upon an optional redemption by us.

In addition, upon conversion of the convertible senior notes, unless we elect to deliver solely ADSs (or Class A ordinary shares if such holder elects to receive Class A ordinary shares in lieu of any ADSs deliverable upon conversion) to settle such conversion (other than paying cash in lieu of delivering any fractional ADS), we will be required to make cash payments in respect of the notes being converted.

However, we may not have enough available cash or be able to obtain financing at the time we are required to make repurchases of the notes (or the existing convertible senior notes) surrendered therefor or redeem the convertible senior notes (or the existing convertible senior notes) or the convertible senior notes (or the existing convertible senior notes) being converted. In addition, our ability to repurchase the convertible senior notes (or the existing convertible senior notes), redeem the convertible senior notes (or the existing convertible senior notes) or pay cash upon conversions of the convertible senior notes (or the existing convertible senior notes) may be limited by law, by regulatory authority or by agreements governing our and/or our subsidiaries’ current or future indebtedness. Our failure to repurchase the notes or pay the redemption price or repay the principal at a time when the repurchase or such payment is required by the indenture governing the convertible senior notes or to pay any cash payable on future conversions of the convertible senior notes would constitute a default under the indenture governing the convertible senior notes. There would be similar consequences under the indentures governing the existing convertible senior notes in case of a failure to repurchase such existing convertible senior notes or pay the redemption price or repay the principal thereunder. A default under the indenture or the fundamental change itself could also lead to a default under any indenture or agreement governing our indebtedness or any future indebtedness. If the repayment of the existing convertible senior notes or any indebtedness were to be accelerated after any applicable notice or