The company granted the initial purchasers in the Notes Offering a 13-day option to purchase up to an additional $75 million in aggregate principal amount of the Notes.
21Vianet Group plans to use the net proceeds from the Notes Offering to expand its data centre infrastructure, repay its outstanding senior notes due 2021 and other general purposes.
When issued, the Notes will be general, unsecured obligations of 21Vianet and will be convertible into cash, the company’s American Depositary Shares (ADSs), each currently representing six Class A ordinary shares of 21Vianet Group, or a combination of cash and ADSs, at the company’s election.
The initial conversion rate of the Notes is 18.3574 ADSs per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $54.47 per ADS.
The company will have the option to redeem the Notes on or after February 6, 2024, and on or prior to the 40th scheduled trading day immediately before the maturity date.
This would be at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest.
21Vianet Group expects to close the Notes Offering on or about January 26, 2021, subject to customary closing conditions.
The company’s stock has risen 288.22% over the last 12 months, according to Investors Observer.
21Vianet Group reported that its net revenues increased by 27.0% to RMB1.25 billion ($183.5 million) from RMB981.0 million in the same period of 2019.
The company revealed its total cabinets under management net increased by 7,426 to 51,476 as of September 30, 2020, compared to 44,050 as of June 30, 2020, and 32,116 as of September 30, 2019.
