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.