Notes may be converted to ADS, each representing 0.5 ordinary shares
By Devika Patel
Knoxville, Tenn., Jan. 28 – Noah Holdings Ltd. said it has arranged an $80 million private placement of convertible notes with Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management.
The 3.5% notes, which mature in February 2020, are convertible into American Depositary Shares, which each represent 0.5 ordinary shares, at a conversion price of $23.03 per ADS. The conversion price is a 20.96% premium to the Jan. 27 closing share price of $19.04.
Proceeds will be used for the company’s growth strategy, including expansions of its wealth management, asset management and internet finance businesses, and potential investments in or acquisitions of businesses and licenses.
The Shanghai company provides wealth management services.
| Issuer: | Noah Holdings Ltd.
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| Issue: | Convertible notes
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| Amount: | $80 million
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| Maturity: | February 2020
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| Coupon: | 3.5%
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| Conversion price: | $23.03
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| Conversion premium: | 20.96%
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| Warrants: | No
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| Investors: | Greenwoods Asset Management, Hillhouse Capital Management and Keywise Capital Management
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| Pricing date: | Jan. 28
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| Stock symbol: | NYSE: NOAH
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| Stock price: | $19.04 at close Jan. 27
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| Market capitalization: | $1.03 billion
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