SouFun announces plans to offer $250 million of convertibles due 2018

By Angela McDaniels

Tacoma, Wash., Dec. 3 - SouFun Holdings Ltd. plans to offer up to $250 million principal amount of convertible senior notes due 2018, subject to market conditions, according to a company news release.

The Rule 144A and Regulation S offering is expected to have a $50 million greenshoe.

The conversion rate and other terms of the notes have not been finalized and will be determined at pricing.

Subject to limited circumstances, the notes will be non-callable. They will be putable at par on Dec. 15, 2016.

The company plans to use the proceeds for general corporate purposes, including new products and services, working capital, capital expenditures, business expansion and potential acquisitions.

SouFun is a real estate internet portal and a home furnishing and improvement website. The company is based in Beijing.

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