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Beijing time March 18 Morning news, gathered time (NYSE:YY) announced today, will be depending on market conditions and other factors issued a total of up to 400 million U.S. dollars in the 2019 maturity of the senior convertible bonds.
Citigroup's global market, Deutsche Bank Securities and Morgan Stanley International were the initial subscribers to the issuance of the convertible bonds during the gathering period. A 30-day option will be offered to the initial subscribers to enable them to subscribe for a maximum of 60 million US dollars of convertible bonds.
The convertible bonds of the era will be convertible into American Depository shares (ADS). At present, the share of ads for each share of the era is equal to 20 shares of Class A common. If there is no advance conversion, redemption or repurchase, then the convertible bond expires on April 1, 2019. The holders of the convertible bonds may request that the bonds be bought back on April 1, 2017, or the repurchase bonds will be changed on the basis of specific fundamentals.
It is planned that the proceeds from the issuance of convertible bonds should be used for general business purposes, including the required working capital, as well as possible acquisitions and supplementary operations. Conversion rates and other terms have not yet been finalized and will be finalized when the pricing of convertible bonds is announced.