Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053917
Chunk: 50

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 50
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 Rule 424(b) of the Securities Act and the base prospectus.

#### Concurrent Notes Offering
Concurrently with this offering of the ADSs, we are offering US$500,000,000 aggregate principal amount of 2.25% 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. On May 27, 2025, we announced the pricing of the Concurrent Notes Offering. We estimate that the net proceeds to us 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 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 our convertible bonds due 2029.

The completion of the offering hereunder is contingent upon the completion of both the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering, and the completion of each of the Delta Placement of Borrowed ADSs and the Concurrent Notes Offering is contingent upon the completion of each other and the offering hereunder. If the offering hereunder is not consummated, the Concurrent Notes 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.

See “Summary — Concurrent Notes Offering and Delta Placement of Borrowed ADSs.”

This prospectus supplement does not constitute an offer of convertible senior notes or Borrowed ADSs, which will be made pursuant to Rule 144A of the Securities Act to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act).

#### Risk factors
An investment in our ADSs involves risks. You should carefully consider the information set forth in the sections of this prospectus supplement and the accompanying