Weibo Looks To Raise Up To $1.2B Via Syndicated Debt Offering

Weibo Corp WB pursued up to $1.2 billion in syndicated financings inspired by other Chinese social media platforms, Bloomberg reports.
Weibo looks to raise $900 million with an option to increase up to $300 million.
The offering proceeds will serve general corporate purposes and refinancing, including capital expenditures.
Citigroup and Credit Suisse Group coordinated the syndication and scheduled a bank presentation on July 11.
Chinese companies from the communications sector raised a record $11.3 billion of loans offshore in 2021, prompted by Bytedance and search engine Baidu, Inc BIDU.
Weibo held $3.3 billion in cash and equivalents and generated $248.6 million in operating cash flow as of March 31. It held $1.5 billion in unsecured senior notes.
Price Action: WB shares traded lower by 3.33% at $23.21 on the last check Wednesday.