Qudian Completes US$345 Million 1% Convertible Senior Notes Offering and Concurrent Capped Call Transactions
07.09.19
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The Firm recently represented Qudian Inc. (“Qudian”) in connection with its offering of US$345 million 1% Convertible Senior Notes due 2026 (the “Notes”). The offering was made pursuant to Rule 144A and Regulation S, and included a fully exercised option to purchase an additional US$50 million principal amount of the Notes granted by Qudian. Credit Suisse, Morgan Stanley and Citigroup acted as representatives of the initial purchasers in the offering. In addition, the Firm advised Qudian on capped call transactions entered into with certain of the initial purchasers or their respective affiliates in connection with the offering.
Qudian, a provider of online credit products, uses big data-enabled technologies (such as artificial intelligence and machine learning) to transform the consumer finance experience in China. Qudian targets hundreds of millions of quality, unserved or underserved consumers in China. Qudian’s American Depositary Shares are traded on the New York Stock Exchange under the symbol of “QD.”
The Simpson Thacher team for the offering included Chris Lin, Howie Farn, Kai Fan and Andrew Laub (Capital Markets); Jonathan Lindabury and Caitlin L. Wood (Derivatives); and Jonathan Cantor and William Smolinski (Tax).