Qihoo 360 announces 900 million dollar premium convertible bond issue

Beijing time July 31 Morning News, Qihoo 360 (Nyse:qihu) today announced that the market and other factors will issue a total of 900 million U.S. dollars, will be in 2020 and 2021, the maturity of the senior convertible bonds.

In the event of an overpayment, Qihoo plans to offer a 30-day option to the joint account manager of the convertible bond issue, allowing it to purchase an additional 135 million-dollar premium for 2020 and 2021. These convertible bonds can be converted into Qihoo's American Depository Shares (ADS), while each two-share ads represents Qihoo's 3 shares of Class A shares.

2020 convertible bonds will expire on August 15, 2020 and 2021 will expire on August 15, 2021. In addition, the holder of the convertible bond has the right to demand on August 15, 2017 that Qihoo Redeem 2020 convertible bonds, as well as the August 15, 2019 demand for Qihoo to redeem the convertible bonds of 2021. In the event of specific fundamental changes, investors can also ask Qihoo to redeem these convertible bonds.

Tiger the proceeds from the issuance of convertible bonds for general business purposes. At present, the conversion rate and other provisions of this convertible bond have not yet been finalized and will be determined when the convertible bonds are priced. (D-Gold)