Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 86

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 86
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s 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 grace periods, we may not have sufficient funds to repay the existing convertible senior notes or other indebtedness and repurchase the notes or make cash payments upon conversions thereof.

Provisions of the convertible senior notes being offered concurrently could also discourage an acquisition of us by a third party.

Certain provisions of the convertible senior notes could make it more difficult or more expensive for a third party to acquire us, or may even prevent a third party from acquiring us. For example, upon the occurrence of certain transactions constituting a fundamental change, holders of the convertible senior notes will have the right, at their option, to require us to repurchase all of their convertible senior notes or any portion of the principal amount of the convertible senior notes in integral multiples of US$1,000. We may also