Weibo plans up to $700 million offering of five-year convertibles

By Wendy Van Sickle

Columbus, Ohio, Oct. 24 – Weibo Corp. plans to offer up to $700 million of convertible senior notes due 2022, the company said in a news release on Tuesday.

The conversion rate and other terms will be determined at pricing.

Weibo plans for a $100 million greenshoe.

The notes will be convertible into Weibo's American Depository Shares any time prior to the close of business on the second business day immediately preceding the maturity date.

Weibo will not have the right to redeem the convertibles prior to maturity except in the event of certain tax law changes.

The company plans to use of the Rule 144A and Regulation S offering for general corporate purposes, including working capital needs and potential acquisitions of complementary businesses.

Based in Beijing, Weibo operates a social media platform for people to create, share and discover Chinese-language content.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.