The time of the gathering will issue 250 million $2018 convertible bonds

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Beijing time November 14 Evening News, gathered time (NYSE:YY) announced today, will be subject to market conditions and other conditions to sell up to 250 million U.S. dollars expired in 2018 of the senior convertible bonds.

In the event of an excess placement, the time of the gathering will allow the original purchaser to purchase an additional 50 million-dollar convertible bond within 30 days. These convertible bonds can be converted to the era of the United States Depository Shares (ADS), the current time of the gathering ads per share represents 20 shares of a class of common shares.

The convertible bond expires on November 15, 2018 and cannot be redeemed before maturity. The holder of a convertible bond has the right to demand that the bond be redeemed on November 15, 2016, or when a particular fundamental change occurs.

It is expected that some of the proceeds from the issuance of the convertible bonds will be paid for the costs associated with the following current trading (capped call transactions), while also plans to use up to 50 million US dollars in proceeds to repurchase ads shares, and the remainder will be used for general business purposes, Includes required working capital and potential acquisitions.

As part of the issuance of the convertible bond, the period is expected to start trading. The deal will reduce the potential dilution effect of convertible bonds on a-class common and ads shares.