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LX

LexinFintech

$11.47

0.22 (1.96%)

07:49
09/11/19
09/11
07:49
09/11/19
07:49

LexinFintech announces $300M privateplatement of convertible ntoes with PAG

LexinFintech Holdings announced that it has entered into a convertible note purchase agreement with PAG, an Asia-focused private equity firm with over $30B in capital under management, pursuant to which the company will issue and sell convertible notes in an aggregate principal amount of $300M to PAG through a private placement. The private placement is subject to satisfaction of customary closing conditions and is expected to close on or around September 16, 2019. The gross proceeds raised from this placement will be approximately $296.4M. The convertible notes will mature in seven years, bearing interest at a rate of 2.0% per annum. The notes will be convertible into fully paid Class A ordinary shares of the company or ADSs at a conversion price of $14 per ADS at the holder's option from the date that is six months after the issuance date. The holder of the notes will have the right to require the company to repurchase for cash all or any portion of the notes on the fourth anniversary of the issuance date. At closing, the company will appoint to its Board of Directors one person designated by PAG.

LX LexinFintech
$11.47

0.22 (1.96%)

11/21/18
GSCO
11/21/18
UPGRADE
GSCO
Buy
LexinFintech upgraded to Buy from Neutral at Goldman Sachs
05/01/19
DBAB
05/01/19
NO CHANGE
DBAB
LexinFintech, Qudian to benefit if China issues licenses, says Deutsche Bank
Deutsche Bank said that China's Banking and Insurance Regulatory Commission has announced its regulation drafting schedule for 2019, noting that the plan includes regulation intended for online micro lending businesses. The firm believes that getting a proper online lending license is a key upside event for listed online lenders in China, pointing to LexinFintech (LX) and Qudian (QD) as "key beneficiaries" in the event licenses get issued. The firm raised its price targets for both stocks as it factors in a 50% chance of obtaining an online lending license with lower cost of equity assumptions. Deutsche Bank maintains a Buy rating on LexinFintech and a Hold rating on Qudian.
05/10/19
BNPP
05/10/19
UPGRADE
BNPP
Buy
LexinFintech upgraded to Buy from Hold at BNP Paribas
05/14/19
CHRS
05/14/19
INITIATION
Target $18
CHRS
Buy
LexinFintech assumed with a Buy at China Renaissance
China Renaissance analyst Jiang Zhang assumed coverage of LexinFintech with a Buy rating and $18 price target, citing the company's niche leadership in the young educated adult segment.

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