Qihoo 360 today announced the completion of the 600 million dollar advanced convertible Notes issue transaction

Summary: View latest quotes Beijing time September 6 morning News, Qihoo 360 (Nyse:qihu) announced today that the company has completed in 2018, the principal amount of 600 million U.S. dollars in the senior convertible notes of private placement transactions, including the full exercise of the excess

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Beijing time September 6 morning News, Qihoo 360 (Nyse:qihu) announced today that the company has completed the 2018, the principal amount of 600 million U.S. dollars in the senior convertible notes of private placement transactions, including the full exercise of the option of excess distribution of the principal amount issued by 50 million U.S. dollars of bills , this option was awarded to the original buyer of the bill by the previous Yuchihu 360.

The notes have been sold to eligible institutional buyers in accordance with the provisions of article 144th A of the revised United States Securities Law of 1993, as well as the sale of offshore transactions to individuals not in the United States in compliance with the provisions of the 1993 U.S. Securities law Revision Regulation S. Qihoo 360 is expected to use the proceeds from the issuance of these notes for general business purposes.

The notes could be converted to the US depositary stock of Qihoo 360, with two U.S. depository shares representing Qihoo 360 's three shares of Class A common stock, with the original conversion rate being an advanced convertible note with a principal amount of $1000 USD converted to 9.0119 shares of American depository stocks ( The equivalent of the original conversion price of about 110.96 US dollars per share of the United States depository shares. The original conversion rate of the bill represents about 40% per cent of the conversion premium relative to the price of USD 79.26 quoted by the NYSE on the previous (August 27, 2013) Stock Exchange.

The bill conversion rate can be adjusted when a particular event occurs. Before the expiration of three working days, the holder of the bill may, at any time before the end of the business hours, exercise the right of conversion and shall be converted by an integral multiple of USD 1000 of the principal amount. On or after September 20, 2016, Qihoo 360 can redeem the notes under certain circumstances. On September 15, 2016 or in the event of certain fundamental changes, the holder of the bill may request Qihoo 360 to repurchase the bill, which is equivalent to the 100% principal amount of the repurchase instrument plus the accrued unpaid interest as of (but excluding) the repurchase date.

The accrued interest on this note is 2.5% of the annual interest rate. Starting from March 15, 2014, interest on bills will be paid half-yearly every year, March 15 and September 15. The notes will be in the current period on September 15, 2018, unless they have previously been bought back, redeemed or converted pursuant to the terms prior to that date.