China - YY Inc. $1 Billion Convertible Senior Notes Offering.

Legal News & Analysis - Asia Pacific - China - Capital Markets

27 June, 2019


Davis Polk the initial purchasers in connection with a Rule 144A and Regulation S offering by YY Inc. (NASDAQ: YY) of $425 million aggregate principal amount of 0.750% convertible senior notes due 2025 and $425 million aggregate principal amount of 1.375% convertible senior notes due 2026. The initial purchasers have an option to purchase an additional $75 million of 0.750% senior notes due 2025 and an option to purchase an additional $75 million of 1.375% senior notes due 2026, both of which were exercised in full. In addition, Davis Polk advised Goldman Sachs International, Credit Suisse Capital LLC, JPMorgan Chase Bank, National Association, London Branch and Barclays Bank plc as the counterparties to capped call transactions entered into in connection with the offering.


YY is a leading global social media platform, offering users around the world a uniquely engaging and immersive experience across various video-based products and services, such as live streaming, short-form videos and video communication.


The Davis Polk corporate team included partner James C. Lin, registered foreign lawyers Jennifer (Yujia) Jiang and Andrea Feuer. The equity derivatives team included partners John M. Brandow and Derek Walters, and associate Hanbing Zhang. The tax team included counsel Alon Gurfinkel and associate Omer Harel. The intellectual property and technology team included partner Frank J. Azzopardi and counsel Matthew J. Bacal. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.


The announcement above is not offer for sale of securities in the United States. The securities referred to herein (the "Securities") have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The issuer of the Securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Securities in the United States.