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TheStreet Open House

SINA Corporation Announces Proposed Offering Of US$600 Million Convertible Senior Notes And Concurrent Share Repurchase

SHANGHAI, Nov. 13, 2013 /PRNewswire-FirstCall/ -- SINA Corporation (NASDAQ: SINA) ("SINA" or the "Company"), a leading Internet media company serving China and the global Chinese communities, today announced that it proposes to offer up to US$600 million in aggregate principal amount of convertible senior notes due 2018 (the "notes"), subject to market conditions. The conversion rate and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering. The Company intends to grant to the initial purchaser a 30-day option to purchase up to an additional US$90 million principal amount of notes solely to cover over-allotments, if any. The notes will be convertible into the Company's ordinary shares ("ordinary shares"), at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. SINA will not have the right to redeem the notes prior to maturity except for certain circumstances involving changes in the tax laws for the relevant taxing jurisdiction. Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on December 1, 2016 or upon the occurrence of certain fundamental changes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

The Company plans to use $100 million of the net proceeds from the offering to concurrently repurchase its own outstanding ordinary shares. The remainder of the net proceeds of the offering will be used for general corporate purposes, including working capital needs and potential acquisition of complementary businesses.

The notes, the ordinary shares deliverable upon conversion of the notes, have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, or in reliance on other exemptions from registration under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the notes, the ordinary shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements.

This press release contains information about the pending offering of the notes, and there can be no assurance that the offering will be completed.

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