Weimob details proposal to repurchase convertibles due 2026

By William Gullotti

Buffalo, N.Y., April 19 – Weimob Inc. provided details pertaining to its Thursday offer to repurchase the remaining $201,217,000 of its $300 million zero-coupon guaranteed convertible bonds due 2026 (ISIN: XS2324754980) on Friday.

The offered repurchase price is $1,030.40 per $1,000 principal amount.

The company reported receiving commitments to sell about $182.83 million of the convertibles, which will leave about $18.39 million outstanding.

The repurchase offer will close April 29.

Merrill Lynch (Asia Pacific) Ltd. is the dealer manager for the proposed buyback.

The Regulation S convertibles were originally issued by wholly owned subsidiary Weimob Investment Ltd. on June 8, 2021 and are not callable or putable until June 2024. The call option will become exercisable starting June 21, subject to a 130% hurdle. The put option will become exercisable starting June 7.

The repurchase will be funded by a concurrent equity-linked offering (ISIN: XS2807096545) that is expected to be listed on the Singapore Exchange on April 30.

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

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