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Pinduoduo plans $875M senior notes offering

Pinduoduo Inc. said Sept. 24 that it is proposing to offer $875 million of convertible senior notes due 2024, subject to market and other conditions.

The Nasdaq-listed Chinese e-commerce company intends to use the net proceeds from the proposed offering to enhance and expand its business operations, as well as invest in and improve its technology infrastructure. It also plans to use the proceeds for research and development, working capital, and other general corporate purposes.

Pinduoduo said the notes in the planned transaction will be senior, unsecured obligations of the company, which will mature Oct. 1, 2024. The company will give the initial purchasers a 13-day option to purchase up to an additional $125 million in principal amount of the notes.

The company will not have the option to redeem the notes before Oct. 1, 2022, unless certain tax-related events occur. On or after that date, Pinduoduo may redeem for cash all or part of the notes.

Noteholders may require the company to repurchase the entirety or a portion of their notes in cash Oct. 1, 2022. Additionally, noteholders will also be able to convert the notes before April 1, 2024.