China's YY Inc proposes convertible senior notes offering
NEW YORK - YY Inc, a leading global social media platform based in China, announced on Tuesday a proposed offering of $850 million in convertible senior notes.
The company plans to offer $425 million in aggregate principal amount of convertible senior notes due 2025 and another $425 million in convertible notes due 2026, according to its statement.
The notes will be senior, unsecured obligations of the company. The 2025 notes will mature on June 15, 2025 and the 2026 notes will mature on June 15, 2026, unless repurchased, redeemed or converted in accordance with their terms prior to such dates, said the filing.
Net proceeds from the notes offering will be mainly used to pay for related capped call transactions, global expansion, enrichment of its video-based content offering, enhancing technology and general purposes.
Founded in 2005, the Guangzhou-headquartered company enables users to interact with each other in real time through online live media and offers users an engaging and immersive entertainment experience.
It was listed on the Nasdaq in November 2012. Shares of the company closed 2.98 percent higher on Tuesday.
