GDS - GDS stock slips on convertible senior notes offering

• GDS Holdings ( NASDAQ: GDS ) shares plunged around 6% in Wednesday's premarket session after the data center operator launched a private offering of $580M of 4.50% convertible senior notes due 2030.
• The notes will mature on January 31, 2030 and are convertible at an initial price of $24.5/ADS, corresponding to an initial conversion rate of 40.8163 ADSs per US$1,000 principal amount of the notes.
• Net proceeds will be used for the development and acquisition of new data centers, general corporate purposes and working capital needs.
• The transaction is expected to close on or about January 20, 2023.

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