Weimob wraps repurchase of convertibles due 2026

By Mary-Katherine Stinson

Lexington, Ky., April 29 – Weimob Inc. satisfied the repurchase conditions and subsequently completed buybacks of a portion of the remaining $201,217,000 outstanding zero-coupon guaranteed convertible bonds due 2026 (ISIN: XS2324754980) on April 29, according to a company notice.

Weimob launched the repurchase offer on April 19, having received commitments from eligible bondholders to sell back $182.83 million of the convertibles.

Additional commitments after the offer’s launch resulted in the company repurchasing $195.82 million existing bonds in total via the repurchase offer.

As previously reported, the offered repurchase price was $1,030.40 per $1,000 principal amount.

Merrill Lynch (Asia Pacific) Ltd. was the dealer manager.

Cumulatively with previous market repurchases, as of April 29, approximately $294.61 million, or 98.2%, of the initial $300 million principal amount of the existing convertibles have been repurchased.

This leaves $5.39 million, or 1.8%, outstanding.

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 was funded by a concurrent equity-linked offering of $85 million 7.5% convertible notes due 2029 (ISIN: XS2807096545), which priced at par on April 29.

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

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