By Rebecca Melvin
New York, Sept. 11 – LexinFintech Holdings Ltd. has priced $300 million of 2% seven-year convertible notes with an initial conversion premium of 22%, according to a company news release.
The notes were sold in a bought deal agreement with Asian private-equity firm PAG via agents Goldman Sachs (Asia) LLC, BofA Securities and China Renaissance.
The notes are convertible at a price of $14.00 per American Depositary Share at the holder’s option from the date that is six months after the issuance date.
There is a cash put after Sept. 16, 2023.
At closing, the company will appoint one person designated by PAG to its board.
Shenzhen, Guangdong, China-based LexinFintech is the holding company for a group of businesses primarily engaged in online direct sales and consumer finance services.
| Issuer: | LexinFintech Holdings Ltd.
|
| Issue: | Convertible notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 16, 2026
|
| Bookrunners: | Goldman Sachs (Asia) LLC, BofA Securities and China Renaissance
|
| Coupon: | 2%
|
| Conversion premium: | 22%
|
| Conversion price: | $14.00
|
| Calls: | Non-callable
|
| Puts: | Yes, cash put after four years on Sept. 16, 2023
|
| Announcement date: | Sept. 11
|
| Settlement date: | Sept. 16
|
| Stock symbol: | Nasdaq: ADS: LX
|
| Stock price: | $11.47 as of close on Sept. 10
|
| Market capitalization: | $931 million
|
© 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.
