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|LDK Solar Announces Strategic Financing Agreement With China Development Bank for Up to RMB 60 Billion|
XINYU CITY, China and SUNNYVALE, Calif., Sept 27, 2010 /PRNewswire via COMTEX/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today announced that it has entered into a strategic financing agreement with China Development Bank Corporation (CDB), a joint stock banking corporation wholly owned by the state of China. Under terms of the agreement, CDB will provide up to RMB 60 Billion (or approximately US$8.9 Billion) of credit facilities to LDK Solar over a five-year period. The financings will support LDK Solar's long-term growth initiatives and corporate development plans. Terms of the individual credit facilities and lending agreements will be subject to CDB's internal risk management requirements and operational regulations.
"We are very pleased to enter into this strategic financing agreement with CDB which demonstrates their confidence in and support of LDK Solar," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Through our strong partnership with CDB, we will have an enhanced ability to pursue our long-term growth strategy and further strengthen our position within the PV industry market."
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules, and engages in project development activities in selected segments of the PV market. Through its broad product offering of mono and multicrystalline solar wafers and modules, LDK Solar provides its customers with a full spectrum of solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about our company and products, please visit http://www.ldksolar.com/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.