PR NEWSWIRE - June 26 - Momo, a leading mobile social networking platform in China, announced that it proposes to offer $650M in aggregate principal amount of convertible senior notes due 2025. The Notes will mature on July 1, 2025. The Company intends to grant the initial purchasers in the Offering a 30-day option to purchase up to an additional $100M principal amount of the Notes. The Notes will be convertible into Momo's American depositary shares, at the option of the holders, in integral multiples of $1k principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Momo will not have the right to redeem the Notes prior to maturity, except in the event of certain changes to the tax laws or their application or interpretation. Holders of the Notes will have the right to require the Company to repurchase all or part of their Notes in cash on July 1, 2023, or in the event of certain fundamental changes. The Company plans to use the net proceeds of the Offering to repay the $300M bank loan facility it entered into in May 2018 to partially finance its acquisition of Tantan.
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Summarized by the IDEA team
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