In fact, the LDK Solar stock rally -- its shares are up 65% in the past three months -- coincided with growing investor confidence in its unstable balance sheet. Strong pricing in its core solar wafer market has also been a rallying point. Mark Bachman, analyst at Auriga Securities, had said earlier this year: "With a strike price on the 2013 convertible debt of ~$39/ADS, we find it likely that the $400 million in outstanding convertible bonds will be put back to the company in April 2011." LDK Solar shares closed on Friday at $11.13. The Chinese solar company plans to pay for the exchange offer with cash on hand. The $300 million in convertible notes that LDK hopes holders will exchange for new notes, also to be due in 2013, would include a cash consideration of $60 to $85 per each $1,000 in notes held. LDK plans to hold a "Dutch auction" for determining the cash consideration. The LDK Solar deal will expire Dec. 22.