Qifu Technology announced a proposed offering of US$600 million in convertible senior notes due 2030, subject to market conditions. The company intends to grant initial purchasers an option to buy an additional US$90 million in principal amount of the notes. This offering is targeted at qualified institutional buyers.
The net proceeds from the notes offering are planned for repurchasing American depositary shares (ADSs) and/or Class A ordinary shares. This will be executed under a newly established "March 2025 Share Repurchase Plan," which will run in addition to the existing share repurchase plan announced in November 2024.
Concurrently with the pricing of the notes offering, Qifu Technology plans to repurchase approximately US$230 million worth of ADSs from certain purchasers in privately negotiated transactions. The company expects this offering, combined with the concurrent repurchase and cash-par conversion settlement mechanism, to be immediately accretive to 2025 earnings per ADS upon closing.
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