04:09 AM EDT, 05/28/2025 (MT Newswires) -- GDS Holdings ( GDS ) said late Tuesday it priced a private offering to eligible purchasers of $500 million principal amount of 2.25% convertible senior notes due 2032.

The initial purchasers have been granted a 13-day option to purchase up to $50 million in additional notes.

Net proceeds, estimated to be about $486.1 million to $534.9 million, will be used for working capital and debt refinancing, the company said.

The notes will be convertible at an initial rate of $33.08 per American depositary share.

The offering, which was upsized from $450 million, is expected to close on Friday.