05:30 PM EDT, 05/27/2025 (MT Newswires) -- GDS Holdings ( GDS ) said Tuesday that it plans to launch an offering of $450 million convertible senior notes due June 1, 2032.

The company also intends to grant the initial purchasers an option to purchase up to an additional $50 million notes.

The China-based data center developer said it plans to use the proceeds for working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption of its convertible bonds due 2029.

GDS Holdings ( GDS ) launched a separate offering of certain number of its American depositary shares to lend to an affiliate of an initial purchaser in the notes offering in order to facilitate privately negotiated derivative transactions by some holders of the notes for purposes of hedging their investment in the notes.

Further, the company said it commenced an offering of 5.2 million American depositary shares. The company will grant the underwriters an option to purchase up to 780,000 additional American depositary shares.