GDS Holdings' Triple Securities Offering

Nubank announced the pricing of three concurrent offerings: a primary offering of 5,200,000 American Depositary Shares (ADSs) at US$24.50 per ADS, a private offering of US$500 million in 2.25% convertible senior notes due 2032, and a delta placement of 6,000,000 borrowed ADSs also at US$24.50 per ADS. The primary ADS offering and notes offering are expected to generate approximately $123.0 million and $500 million in net proceeds, respectively, which Nubank plans to use for general corporate purposes, working capital, and refinancing existing indebtedness. The delta placement of borrowed ADSs is intended to facilitate hedging transactions for investors in the convertible notes, with Nubank lending the ADSs to an affiliate of an initial purchaser for a nominal fee. The closings of all three offerings are conditioned upon each other. JPMorgan Chase — JPMorgan Chase, Meritz Securities, Morgan Stanley, and UBS are acting as joint book-running managers for the primary ADS offering.