Simpson Thacher Represents Goldman Sachs and CICC in connection with Rule 144A offering by Weibo Corporation of US$330 million convertible senior notes and concurrent SEC-registered offering of borrowed ADSs
12.05.23
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Simpson Thacher recently represented Goldman Sachs (Asia) L.L.C. (“Goldman Sachs”) as initial purchaser and CICC as co-manager in connection with the offering by Weibo Corporation (“Weibo”) (NASDAQ: WB) (HKSE: 9898) of US$330 million Convertible Senior Notes due 2030 (the “Notes”) pursuant to Rule 144A under the Securities Act of 1933, as amended, which included the exercise in full of the green shoe.
Simpson Thacher also represented Goldman Sachs as underwriter in connection with a concurrent offering of 6,233,785 American Depositary Shares (the “ADSs”), each representing one Class A ordinary share of Weibo, which Weibo lent to an affiliate of Goldman Sachs pursuant to an ADS lending agreement. These transactions are intended to facilitate short sales and/or privately negotiated derivative transactions by which some investors in the Notes may hedge their exposure to the Notes.
The Firm also represented the underwriters in the global offering and secondary listing of the ordinary shares of Weibo on the Main Board of The Stock Exchange of Hong Kong Limited in 2021 and three notes offerings totaling approximately US$2.45 billion in 2017, 2019 and 2020.
Weibo Corporation is a leading social media platform for people to create, share and discover Chinese-language content online. The ADSs of Weibo are listed on The Nasdaq Global Select Market under the symbol “WB” and the Class A ordinary share are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “9898”.
The Simpson Thacher team for the transaction included Yi Gao and Cherrie Zhang (Capital Markets); Jennie Getsin (FINRA and Blue Sky); and Michael E. Mann and Michael Leitner (Tax).