The company also entered into an ADS lending agreement in connection with the ADS offering

Davis Polk acted as special product counsel to the initial purchaser in connection with a Rule 144A offering by Weibo Corporation of $330 million aggregate principal amount of its 1.375% convertible senior notes due 2030, which included $30 million aggregate principal amount of notes issued pursuant to the exercise in full of the initial purchaser’s option to purchase additional notes.

In addition, Davis Polk advised the sole bookrunner on a concurrent $63.5 million SEC-registered offering of 6,233,785 American depositary shares, representing an aggregate of 6,233,785 Class A ordinary shares, of Weibo, which are being loaned by Weibo under an ADS lending agreement. Davis Polk also advised the ADS borrower in connection with the ADS lending agreement. The sales of borrowed ADSs are expected to facilitate short sales and/or privately negotiated derivative transactions which may be used by some investors in the concurrent offering of convertible senior notes to hedge their investments in the convertible senior notes.

Weibo is a leading social media company in China for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution.

The Davis Polk equity derivatives team included partner Yan Zhang, senior counsel John M. Brandow, counsel Faisal Baloch and associates Danielle Forni, Lindsey B. Meyers-Perez and Amy Cheng. The corporate team included partner James C. Lin and associate Jenny Ho. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the New York, Hong Kong and London offices.

 

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