Shanda to sell $130 million convertibles

New York, Sept. 8 - Shanda Interactive Entertainment Ltd. said it plans to sell $130 million of convertible senior notes due 2011.

Proceeds along with cash on hand will be used to buy back the company's American Depositary Shares under an accelerated share repurchase program.

The company separately announced that its directors have approved the buy back of $200 million of stock.

The convertibles will be sold under Rule 144A. The offering has a $20 million greenshoe.

Shanda is a Shanghai, China-based interactive entertainment media company.

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