GDS Announces Full Conversion of its US$150 million Convertible Bonds

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SHANGHAI, China, Nov. 17, 2017 — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ:GDS), a leading developer and operator of high-performance data centers in China, today announced that the full amount of its outstanding US$150 million convertible bonds has been voluntarily converted into ordinary shares by the bond holders – STT GDC, a strategic partner of GDS, and Ping An Insurance – at a price of $1.675262 per ordinary share, or $13.40 per ADS. Upon conversion of the principal and accrued interest thereon, the Company will issue approximately 97.9 million additional Class A ordinary shares, representing 10.4% of its enlarged issued share capital.In the third quarter of 2017, GDS reported a blended financing cost of 7.4%. Excluding the convertible bonds, the financing cost was 6.8%. The ratio of net debt to the third quarter 2017 annualized adjusted EBITDA was 8.9 times. Combining the recently received gross proceeds of US$100 million from the equity investment by CyrusOne and full conversion of the US$150 million convertible bonds, the net debt to EBITDA multiple would be 5.8 times on a pro forma basis.About GDS Holdings Limited

GDS Holdings Limited (Nasdaq:GDS) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in China’s primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancy across all critical systems. GDS is carrier and cloud neutral, which enables customers to connect to all major PRC telecommunications carriers, and to access a number of the largest PRC cloud service providers, whom GDS hosts in its facilities. The Company offers colocation and managed services, including a unique and innovative managed cloud value proposition. The Company has a 16-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyper-scale cloud service providers, top tier Internet companies, financial institutions, telecommunications and IT service providers, and large domestic private sector and multinational corporations.
For investor and media inquiries, please contact:

GDS Holdings Limited

Laura Chen
Phone: +86 (21) 2033-0295
Email: [email protected]
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Sarah Thompson

Sarah Thompson

Sarah is a financial reporter, focusing on technology, national security, and policing. Before joining Daily Telescope she worked as a staff writer at Fast Company and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.
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