Qifu Technology Prices $600 Million Notes Offering, OKs Share Buyback

MT Newswires Live03-26

Qifu Technology (QFIN) said late Tuesday it priced an offering to eligible institutional purchasers of $600 million principal amount of 0.50% convertible senior notes due 2030.

The initial purchasers have been granted a 13-day option to purchase up to $90 million in additional amount of notes.

The notes will be convertible at an initial rate of $59.71 per ADS, subject to adjustments.

Net proceeds will be used for share repurchases, the company said.

The company also said its board has approved a new share repurchase plan, allowing the company to use the entire net proceeds of the notes offering to repurchase its American depositary shares and ordinary shares.

The repurchase plan includes the buyback of $230 million American depositary shares from certain purchasers in the notes offering at a price of $44.23 per share, and the buyback of additional ADSs and ordinary shares in separate transactions.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment