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$350M Convertible Bonds issued

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tradeologist   Friday, 12/06/13 02:39:02 PM
Re: None
Post # of 200 
$350M Convertible Bonds issued


The Bonds are due 2018 and convertible to ordinary shares listed on NASDAQ. The bonds will bear an interest rate of 2.00% annually.

The proceeds from the 5-year debt will be deployed for working capital requirements, meeting capital expenditure, funding business expansions, acquisitions and introduction of new businesses or services, and other general corporate purposes.

As of Sep 30, 2013, the debt-to-capital ratio for SouFun was 0.58x which represented an improvement of 7 percentage points from 0.65x at 2012 end. However, with the issuance of the $350 million debt, the debt-to-capital ratio is expected to deteriorate.

Even with this 350M debt announcement Zacks still rates SFUN a 1 (Strong Buy).

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