LDK Solar Announces $8.9 Billion Financing Agreement ; Shares Rally

Shares of LDK Solar Co. (LDK) gained more than 12 percent to $9.99, the highest intraday PPS since September 2009, after the Chinese multicrystalline solar wafer maker announced that it has entered  a 5-year financing agreement with China Development Bank for up to 60 billion yuan, or about $8.9 billion, to help fund its expansion.

“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.”

At last check, LDK shares were up $1.30 to $10.15, a gain of 14.69%.

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About Ron Haruni 1063 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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