GDS Holdings announces offering of 5.2M American Depositary Shares

GDS Holdings (GDS) announced the commencement of a proposed offering of 5.2M American Depositary Shares, each representing eight Class A ordinary shares, subject to market and other conditions, in an underwritten registered public offering. The underwriters will have a 30-day option to purchase up to 780,000 additional ADSs. The company will receive all of the net proceeds from the Primary ADSs Offering and plans to use such net proceeds for general corporate purposes, 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. J.P. Morgan, BofA Securities, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers, and China Galaxy International and Guotai Junan International are acting as financial advisors for the Primary ADSs Offering.