NQ Mobile Prices Offering Of $150 Mln Convertible Senior Notes Due 2018
(RTTNews.com) - NQ Mobile Inc. (NQ), a provider of mobile Internet services, Wednesday announced the pricing of $150 million in aggregate principal amount of convertible senior notes due 2018.
The company has granted to the initial purchasers, Morgan Stanley & Co.International Plc. and Deutsche Bank Securities Inc., a 30-day option to purchase up to an additional $22.5 million principal amount of notes.
The notes will be convertible into NQ's American depositary shares, each representing five Class A common shares of NQ. The initial conversion rate is 39.0472 of the company's ADSs per $1,000 principal amount of notes.
The notes will mature on October 15, 2018 and may be redeemed by NQ under some circumstances on or after October 20, 2016.
NQ expects to use the proceeds for general corporate purposes, including working capital needs and potential acquisitions of complementary businesses.
The notes will bear cash interest at a rate of 4.00 percent per year until maturity. The company expects to close the notes offering on or about October 16.
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