By Abigail W. Adams
Portland, Me., June 7 – Weimob Inc. priced $300 million 0% convertible bonds due 2026, according to a listing announcement.
Credit Suisse, Morgan Stanley & Co. International plc and China International Capital Corp. are joint bookrunners for the Regulation S offering.
The bonds are putable on June 7, 2024 or upon a change-of-control or delisting event.
They are callable on or after June 21, 2024 subject to a 130% hurdle.
The bonds will be convertible based on a fixed exchange rate of HK$7.764 to US$1.
Proceeds will be used to improve the company’s research and development capabilities, to upgrade the marketing system and for working capital and general corporate purposes.
Weimob is a Shanghai-based cloud-based commerce and marketing solutions provider.
Issuer: | Weimob Inc.
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Securities: | Convertible bonds
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Amount: | $300 million
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Maturity: | 2026
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Bookrunners: | Credit Suisse, Morgan Stanley & Co. International plc and China International Capital Corp.
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Coupon: | 0%
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Call options: | Callable on or after June 21, 2024 subject to a 130% hurdle
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Put options: | Putable on June 7, 2024 or upon a change-of-control or delisting event
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Settlement date: | June 8
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Distribution: | Regulation S
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Stock symbol: | HKG: 2013
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Market capitalization: | HK$41.19 billion
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