New Issue: Sina sells $80 million convert to yield 0%, up 27%

By Ronda Fears

Nashville, July 1 - Sina Corp. sold $80 million of 20-year convertibles at par to yield 0% with a 27% initial conversion premium, via lead manager Credit Suisse First Boston.

The Rule 144A deal sold at the cheap end of guidance.

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.

Terms of the new deal are:

Issuer: Sina Corp.

Issue:	Rule 144A convertible subordinated notes
Lead manager:		Credit Suisse First Boston
Amount	$80 million
Greenshoe:	$20 million
Maturity:	July 1, 2023
Coupon:	0%
Price:	38.015
Yield:	3.25%
Conversion premium:	26%
Conversion price:	$29.5218
Conversion ratio:	12.8773
Call:	noncallable for 9 years
Put:	in years 4, 5, 6, 7, 8, 9, 10 and 15
Contingent conversion:	115%
Price Talk:	0%, up 27-34%
Pricing Date:	June 30, after the close
Settlement:	July 7

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