Sina Corp, the Nasdaq-listed Chinese online media company, raised $700 million from the sale of convertible bonds on Friday, making it the fourth internet-focused Chinese company to tap the US equity-linked market since late August.
The deal, which has a five-year maturity and comes with a three-year put option, was timed to take advantage of a positive market response to Sina’s third-quarter earnings and attracted a lot of demand from investors both in the US and Asia. This allowed the company to upsize the deal from an initial $600 million plus a $90 million greenshoe to $700 million plus a $100 million greenshoe.
The shoe can be...
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