Chinese data center firm GDS falls after stock sale, convertible bonds offering

GDS Holdings

28/05/2025 17:58

** U.S.-listed shares of Chinese data center operator GDS Holdings GDS.O slide 8.8% to $24.75

** Shanghai-based GDS sold 5.2 million American Depositary Shares (ADS) at $24.50 apiece to raise $123 million

** Stock offering priced at 9.7% discount to stock's last close

** Separately, GDS priced $500 million of convertible bonds due 2032 in a private offering

** Initial conversion price of $33.08 per ADS represents 21.9% upside to stock's last close

** Offering size was upsized from initial target of $450 million of convertible bonds

** Proceeds will be used for general purposes and to refinance existing debt

** As of last close, GDS stock was up 14.2% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))