Advanced convertible bills with a maturity of 550 million dollars

Qihoo 360 (Nyse:qihu) announced today that it plans to issue an advanced convertible bill that expires in 2018 and is 550 million dollars in size.

In addition, Qihoo 360 plans to give first-time purchasers a 30-day allotment option to purchase bills of up to $50 million. The bill could be transformed into Qihoo 360, the US Depository ("ads"), and each two ADS amounted to 3 shares of the company's Class A common stock.

The advanced convertible bills will expire on September 15, 2018. From September 20, 2016 onwards, the holder of the bill may, under certain circumstances, be able to cash the notes purchased, and may require the company to repurchase the instruments it holds. Qihoo 360 said the proceeds from the issuance of the bill would be used for the general expenses of the company. The conversion ratio of the issued notes and other relevant provisions are still to be determined when final issue pricing is pending. (Chen)