Qihoo 360, a Chinese internet company, sold Asia’s biggest convertible bond for three years on Thursday, raising $900 million.
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 unusual structure was designed to avoid overlapping with its existing $600 million convertible, which is puttable in 2016 and matures in 2018.
The two tranches were offered with different terms. The three-year notes priced in the middle of the range with a 0.5% coupon and a 37.5% conversion premium, while the five-year deal came with a 1.75% coupon and...
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