Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 93

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 93
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 may be hedging their exposure to the market risk of our ADSs and/or Class A ordinary shares during the term of such convertible senior notes. There is no intent that the Delta Placement of Borrowed ADSs will create any inventory of our ADSs and/or Class A ordinary shares with the ADS Borrower or its affiliates that could be made available for borrowing to any investor in our convertible senior notes during the term thereof.

Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes. Our convertible senior notes are being concurrently offered in a separate offering in reliance on Rule 144A under the Securities Act of 1933, as amended, or the “Securities Act”, to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act).

The completion of the Delta Placement of Borrowed ADSs is contingent upon the completion of both the Concurrent Primary ADSs Offering and the Concurrent Notes Offering, and the completion of each of the Concurrent Primary ADSs Offering and the Concurrent Notes Offering is contingent upon the completion of each other and the Delta Placement of Borrowed ADSs hereunder. If the Concurrent Notes Offering is not consummated, the Concurrent Primary ADSs Offering will terminate, the ADS Loan under the ADS Lending Agreement will terminate, and the Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to us.

Subject to the terms of the ADS Lending Agreement, the ADSs borrowed pursuant to the ADS Lending Agreement must generally be returned to us as soon as practicable after the termination of the ADS Lending Facility and in any event no later than the twenty-fifth trading day following the earliest of:

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the date on which we have notified the ADS Borrower in writing of our intention to terminate the ADS Lending Agreement at any time after the date on which the entire principal amount of the convertible senior notes ceases to be outstanding, whether as a result of conversion, redemption, repurchase, cancellation or otherwise; and

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the date on which the ADS Lending Agreement terminates in accordance with its terms (including at the election of the ADS Borrower or us upon any event described below).

The ADS Borrower may not re-borrow any ADSs that it has returned to us