LDK Solar Aims to Avoid April 'Pay Me' Date

NEW YORK (TheStreet) -- LDK Solar is offering holders of $300 million in existing convertible notes a cash sweetener to avoid having to repurchase the notes itself in April.

LDK Solar announced the proposed deal after the market close Wednesday.

The existing convertible notes, totaling $395 million, had been among the overhang on LDK shares this year, as the Chinese solar company is required to accept any offers to repurchase all or a portion of the notes on April 15, 2011. The notes don't mature until 2013.

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