Weimob talks $300 million 0% convertible bonds due 2026 to yield 0.5%-1%, up 35%-45%

By Abigail W. Adams

Portland, Me., May 24 – Weimob Inc. plans to price $300 million 0% convertible bonds due 2026 on Monday with price talk for a redemption price of 102.53 to 105.11 and a put price of 101.51 to 103.05 for a yield to put/maturity of 0.5% to 1% and an initial conversion premium of 35% to 45%, according to a market source.

Credit Suisse, Morgan Stanley & Co. International plc and China International Capital Corp. are joint bookrunners for the Regulation S offering.

The bonds are putable on June 7, 2024 or upon a change-of-control or delisting event.

They are callable on or after June 21, 2024 subject to a 130% hurdle.

The bonds will be convertible based on a fixed exchange rate of HK$7.764 to US$1.

Proceeds will be used to improve the company’s research and development capabilities, to upgrade the marketing system and for working capital and general corporate purposes.

Weimob is a Shanghai-based cloud-based commerce and marketing solutions provider.

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