Sina $80 million convert talked to yield 0%, up 27-34%

By Ronda Fears

Nashville, June 30 - Sina Corp. launched $80 million of 20-year convertibles talked to yield 0% with a 27% to 34% initial conversion premium.

Credit Suisse First Boston is lead manager of the Rule 144A deal, which is scheduled to price after the market close Monday.

The subordinated notes will be noncallable for nine years with puts in years four, five, six, seven, eight, nine, 10 and 15.

There is a 115% contingent conversion trigger.

There is a $20 million greenshoe available.

The Shanghai online media company, known as Sina.com, intends to use proceeds for general corporate purposes, including working capital, capital expenditures and potential acquisitions.

Also Monday, the company raised its revenues and earnings per share estimates for second quarter.

Sina now expects revenues to be between $24 million and $25 million and diluted GAAP EPS of 13c to 15c. Previously, the company estimated revenues at $19.6 million to $20.3 million and diluted GAAP EPS of 8c to 9c.

Results are expected to be reported on July 23 after the market close.

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