New York, March 11 - Vipshop Holdings Ltd. priced an upsized $550 million offering of five-year convertible senior notes after the close Tuesday to yield 1.5% with a 40% initial conversion premium.
The sale was increased from a planned amount of $400 million.
Goldman Sachs (Asia) LLC and Deutsche Bank Securities were joint bookrunners for the SEC-registered sale.
There is a greenshoe for an additional $82.5 million of convertibles, increased from $60 million.
Vipshop also priced 1.14 million of American Depositary Shares at $143.74 each on behalf of selling shareholders, raising $163.86 million. The equity offering has a greenshoe for 171,000 additional ADS.
Proceeds will be used to repay debt under some of the company's facility agreements that was connected to a recent acquisition, with the balance to go toward general corporate purposes.
The online discount retailer is based in Guangzhou, China.
| Issuer: | Vipshop Holdings Ltd.
|
| Issue: | Convertible senior notes
|
| Amount: | $550 million (increased from $400 million)
|
| Greenshoe: | $82.5 million (increased from $60 million)
|
| Maturity: | March 15, 2019
|
| Coupon: | 1.5%
|
| Initial conversion premium: | 40%
|
| Conversion price: | $201.24 per ADS
|
| Conversion rate: | 4.9693
|
| Net share settlement: | No
|
| Call: | Non-callable
|
| Put: | March 15, 2017
|
| Bookrunners: | Goldman Sachs (Asia) LLC and Deutsche Bank Securities
|
| Co-managers: | BofA Merrill Lynch and China Renaissance Securities (Hong Kong) Ltd.
|
| Pricing date: | March 11, after close
|
| Settlement: | March 17
|
| Concurrent offering: | 1.14 million ADS for selling shareholders
|
| Stock symbol: | NYSE: VIPS
|
| Stock reference price: | $143.74
|
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