Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 49

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 49
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 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

We believe that under United States generally accepted accounting principles, or U.S. GAAP, the Borrowed ADSs will not be considered outstanding for the purpose of computing and reporting our earnings per ADS. We will not receive any proceeds from the sale of the Borrowed ADSs in this offering, but we will receive from the ADS Borrower or its affiliate a nominal lending fee of US$0.0004 per each Borrowed ADS. The ADS Borrower or its affiliates will receive all the proceeds from the sale of the Borrowed ADSs.

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TABLE OF CONTENTS

#### Concurrent Notes Offering
Concurrently with the Delta Placement of Borrowed ADSs, we are offering US$450,000,000 aggregate principal amount of convertible senior notes, plus up to US$50,000,000 aggregate principal amount of our convertible senior notes if the initial purchasers of the Concurrent Notes Offering exercise their option to purchase additional convertible senior notes in full, pursuant to a separate offering memorandum in reliance on the exemptions from registration provided by Rule 144A under the Securities Act. Neither this prospectus supplement nor the accompanying prospectus is an offer in respect of our convertible senior notes.

We estimate that the net proceeds to us from the Concurrent Notes Offering, if it is consummated, will be approximately US$ million (or approximately US$ million if the initial purchasers in the Concurrent Notes Offering if the initial purchasers of the Concurrent Notes Offering exercise their option to purchase additional convertible senior notes in full), after deducting the initial purchasers’ discounts and commissions and our estimated offering expenses. We expect to use the net proceeds of the Concurrent Notes Offering for working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.

See “Description of the Delta Placement of Borrowed ADSs and Concurrent Offering of Convertible Senior Notes” for a description of the Concurrent Notes Offering.

#### Concurrent Primary ADS Offering
Concurrently with this offering and the Concurrent Notes Offering, we are also offering 5,200,000 (or 5,980,000 ADSs if the underwriters in the Concurrent Primary ADS Offering exercise their option to purchase additional ADSs in full) ADSs pursuant to a separate prospectus supplement