shanda-issues-convertible-to-finance-share-buyback

Shanda issues convertible to finance share buyback

Investors embrace the earnings-accretive deal, allowing the CB to be upsized by 19% to $155 million.
Chinese online gaming and entertainment media company Shanda Interactive Entertainment has raised $155 million from the sale of three-year non-callable convertible bonds, which it will use for a share buyback of up to $200 million.

The CB, which was arranged by Goldman Sachs, was welcomed by investors as the combination with the buyback means the deal will be earnings accretive. This allowed it to be upsized from an initial $130 million and set it thoroughly apart from two other CBs by US companies launched on the same day, one of which had to be priced outside the indicative ranges, while the other had to be pulled altogether. Nasdaq-listed ShandaÆs share price also gained 1.9%...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222