Qifu Technology, Inc. Announces Proposed Offering of US$600 Million Cash-par Settled Convertible Senior Notes

Core Viewpoint - Qifu Technology, Inc. is proposing a convertible senior notes offering of US$600 million due 2030, aimed at qualified institutional buyers, with an additional option of US$90 million for initial purchasers [1] Group 1: Notes Offering Details - The proposed offering consists of convertible senior notes with a total principal amount of US$600 million, maturing on April 1, 2030 [1][3] - The notes will be general unsecured obligations of the company, with holders having the option to require repurchase on April 3, 2028, at 100% of the principal amount plus accrued interest [3] - The notes will be convertible under certain conditions, with cash-par settlement upon conversion, allowing the company to pay cash or a combination of cash and American depositary shares (ADSs) [4][5] Group 2: Use of Proceeds - The net proceeds from the notes offering will be used for repurchasing ADSs and/or class A ordinary shares under a newly established share repurchase plan, which is expected to be accretive to earnings per ADS upon closing [2][11] - The March 2025 Share Repurchase Plan allows for concurrent repurchases at the time of pricing the notes and additional repurchases over time [7][10] Group 3: Repurchase Plan Mechanics - The concurrent repurchase will involve buying back ADSs from certain purchasers of the notes in off-market transactions, facilitating initial hedges for those investors [8][9] - Future repurchases may occur on the open market or through other means, adhering to applicable regulations [10] Group 4: Company Overview - Qifu Technology is a leading AI-empowered Credit-Tech platform in China, providing technology services to assist financial institutions and consumers throughout the loan lifecycle [16]