Blackstone Agrees To Invest In VNET Via Convertible Notes

Funds managed by Blackstone Inc BX Blackstone Tactical Opportunities have agreed to invest in VNET Group Inc VNET.
Blackstone looks to purchase VNET's $250 million of convertible notes having a term of five years and carry interest at 2% per annum.
The Notes are convertible into the VNET's ADSs, each representing six shares, at $11.00 per ADS, representing a premium of 35% to the latest closing price of $8.14 per ADS.
VNET is a carrier- and cloud-neutral Internet data center services provider in China.
Josh Chen, Founder and Chair of VNET said, "Over the last two years, we have accelerated the growth of our data center footprint in high-demand locations across China's tier-1 cities. Blackstone's investment provides us with the capital to take advantage of a robust pipeline of attractive development projects that support our hyper-scale and enterprise customers. We look forward to building on this partnership with Blackstone."
Price Action: VNET shares traded higher by 1.11% at $8.23 on the last check Friday.