China's SINA to sell up to $600 million convertible notes due 2018

By Stephanie N. Rotondo

Phoenix, Nov. 13 - SINA Corp. will sell up to $600 million of convertible senior notes due 2018, according to a press release.

The deal has a $90 million over-allotment option.

The notes will be issued via a Rule 144A offering.

The notes can be converted at any time prior to the close of business on the second business day immediately preceding the maturity. Holders can also force the company to redeem the debt on Dec. 1, 2016 or in certain circumstances at par plus accrued interest.

A portion of the proceeds will be used to fund a concurrent stock repurchase. Remaining funds will be used for general corporate purposes, including working capital and potential acquisitions.

SINA is a Shanghai-based internet media company.

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