Latham & Watkins represented Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc., as the Joint Book-Running Managers, and China Renaissance Securities (Hong Kong) Limited and UBS Securities LLC, as the Co-Managers, on the US$900 million convertible bond issuance by Qihoo 360 Technology Co. Ltd. (“Qihoo 360”), a Chinese internet and mobile security products and services provider.
Qihoo 360 is one of the leading and fastest-growing internet companies in China and is listed on the New York Stock Exchange.
The deal was structured into two equally sized tranches, one with a six-year maturity and three-year put, and the other with a seven-year maturity and five-year put. This structure was designed to avoid overlapping with the company’s existing US$600 million convertible bonds, which mature in 2018. The bonds were issued pursuant to Rule 144A and Regulation S.
“We are delighted to have advised on another landmark convertible bond issuance by Qihoo 360, a high profile and active player in the market. The deal showcases Latham’s strong capital markets, equity-linked expertise and cross-border capabilities,” said Latham & Watkins’ Posit Laohaphan, who co-led the deal team.
The Latham & Watkins team was co-led by Hong Kong partners Posit Laohaphan and Eugene Lee, with Hong Kong associates Zheng Wang, Jennifer Poh and Eric Yiu.
