World News: 13:00 GMT Friday 12th July 2019. [Uxin Limited via Globe Newswire via SPi World News]
BEIJING, July 12, 2019 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest used car e-commerce platform in China, today announced that it has entered into convertible note purchase agreements with PacificBridge Asset Management (“PacificBridge”), pursuant to which Uxin will issue and sell convertible notes in an aggregate principal amount of US$50 million to investment funds managed by PacificBridge through a private placement. The private placement is subject to multiple closings with certain customary closing conditions and is expected to be fully completed in the second half of 2019.
The convertible notes will mature in 12 months or 15 months, bearing interest at the rates of 10% or 11% per annum from the issuance date, respectively, depending on the maturity date. Each note will be convertible into Class A ordinary shares of the Company at a conversion price of US$1.663 per share (equivalent to US$4.989 per ADS) at the holder’s option after a 180-day period after the issuance.
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said, “We are pleased to welcome PacificBridge as our new investor. This new private placement will bolster our initiatives to optimize the online used car purchasing experience and better position us to extend our leadership in China’s used car e-commerce sector. As we continue to refine our platform and make our full suite of product and service offerings – from standardized inspections, online inventory, nationwide offline service and fulfillment network, to comprehensive aftersales services – available to more consumers across multiple city tiers in China, we are confident that Uxin will increasingly be recognized as the ‘go-to’ platform to buy used cars online.”
Globe Newswire: 13:00 GMT Friday 12th July 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.