Qihoo 360 announces the issuance of an advanced convertible bill with a scale of $550 million due in 2018

Absrtact: August 29--Qihoo 360 announced the issuance of an advanced convertible bill with a scale of $550 million, which expires in 2018. In addition, Qihoo 360 is planning to give first-time buyers a 30-day option for excess placements, with a maximum value of $50 million. This batch of high

August 29 News, Qihoo 360 announced the issuance of 2018, the scale of 550 million U.S. dollars of advanced convertible bills. In addition, Qihoo 360 is planning to give first-time buyers a 30-day option for excess placements, with a maximum value of $50 million. The annual interest rate for these advanced convertible instruments is 2.5% per annum, which is issued on March 15 and September 15 each year from 2014 onwards and expires 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. The initial conversion price of this convertible bill is more than the 79.26 USD/ads (US depository stock) closing premium of 40% August 27. Citigroup, Huaxing Securities, UBS as a joint principal underwriter of the 360 convertible bonds issued by the Qihoo.

According to Iris Statistics, as of June 2013, Qihoo's PC-side products and services in the monthly active number of 461 million, the user penetration rate of about 96% of Chinese pc Internet users. In addition, Qihoo 360 has become one of China's largest companies with a large number of mobile internet users by providing smartphone users with leading mobile security products and mobile app stores.

The transaction is the first securities market in which Huaxing Securities (Hong Kong) participates as a joint underwriter, which is of great significance to huaxing Securities and China's TMT industry. "Qihoo's leading position in the market and sound financial performance witness its management's excellent strategic vision and product innovation capabilities in the face of increasingly fierce competition," said Mr Baofan, the CEO of Huaxing Capital. The issuance of this debt will enable Qihoo to make strategic arrangements in the capital market, thereby enhancing the liquidity of the company's stock, expanding its shareholder base and, above all, optimizing its capital structure and enhancing its financial flexibility, thereby enhancing the company's competitiveness and expanding its market share. For Huaxing Capital, the deal is an important milestone in our securities business. This is our first time in the capital market issue project as a joint principal underwriter, but also our first convertible bond project, at the same time this transaction is China's TMT field so far this year's largest convertible bond issue. ”