BEIJING, March 18, 2025 /PRNewswire/ — VNET Team, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a prominent carrier-neutral and cloud-neutral web knowledge middle products and services supplier in China, as of late introduced the extreme of its providing (the “Notes Offering”) of US$430 million in mixture predominant quantity of two.50% convertible senior notes due 2030 (the “Notes”).
The Notes undergo hobby at a fee of two.50% according to annum, payable semi-annually in arrears on April 1 and October 1 of every age, starting on October 1, 2025. The Notes are senior, unsecured duties of the Corporate. The Notes will mature on April 1, 2030 except previous repurchased, redeemed or transformed according to the phrases of the Notes previous to such moment.
Holders of the Notes have the suitable to require the Corporate to repurchase all or a part of their Notes in money on April 3, 2028 or, matter to sure situations, within the tournament of sure elementary adjustments (as outlined within the indenture of the Notes), at a repurchase value equivalent to 100% of the predominant quantity of the Notes to be repurchased, plus gathered and unpaid hobby, if any, to, however except, the related repurchase moment. As well as, on or later April 10, 2028, the Corporate would possibly redeem all or a part of the Notes for money matter to sure situations, at a redemption value equivalent to 100% of the predominant quantity of the Notes to be redeemed, plus gathered and unpaid hobby, if any, to, however now not together with, the related not obligatory redemption moment. Moreover, the Corporate would possibly redeem all however now not a part of the Notes within the tournament of sure adjustments within the tax regulations, at a redemption value equivalent to 100% of the predominant quantity of the Notes to be redeemed, plus gathered and unpaid hobby, if any, to, however now not together with, the matching redemption moment.
Holders of the Notes won’t convert the Notes at any future on or previous to the fortieth date following the endmost moment of the actual issuance of the Notes (such moment, the “Compliance Period End Date”). Later the Compliance Duration Finish Future and previous to the near of commercial at the industry date right away previous October 1, 2029, the Notes can be convertible provided that sure situations are met. From and later October 1, 2029, holders of the Notes would possibly convert their Notes at any future at their election till the near of commercial on the second one scheduled buying and selling date right away previous the adulthood moment. The Corporate will decide conversions by means of paying or handing over, as appropriate, money, the American Depositary Stocks, every representing six Magnificence A common stocks, with par price of US$0.00001 according to percentage, of the Corporate (the “ADSs”) or a mix of money and ADSs, on the Corporate’s election, matter to sure restrictions.
The Notes will to begin with be convertible at a conversion fee of 72.7273 ADSs according to US$1,000 predominant quantity of Notes, which is an identical to an preliminary conversion value of roughly US$13.75 according to ADS and represents a conversion top rate of roughly 25.0% above the Nasdaq extreme value of the Corporate’s ADSs on March 12, 2025, which was once US$11.00 according to ADS. The preliminary conversion fee is matter to adjustment upon the incidence of sure occasions.
The Notes are presented in offshore transactions out of doors the US to sure non-U.S. individuals in compliance with Legislation S below the US Securities Employment of 1933, as amended (the “Securities Act”). The Notes, the ADSs deliverable upon conversion of the Notes (if any) and the Magnificence A common stocks represented thereby have now not been and may not be registered below the Securities Employment or any alternative appropriate securities regulations, and is probably not offered or in a different way transferred apart from below an exemption from, or in a transaction now not matter to, the registration necessities of the Securities Employment and in compliance with any alternative appropriate securities regulations. Disagree society providing of the Notes, the ADSs deliverable upon conversion of the Notes (if any) and the Magnificence A common stocks represented thereby is being made into the US.
The Corporate intends to worth the web proceeds from the Notes Providing for the capital funding in wholesale IDC initiatives, operating capital and common company functions.
This press shed shall now not represent an do business in to promote or a solicitation of an do business in to buy any securities, nor shall there be a sale of the securities in any environment or jurisdiction during which such an do business in, solicitation or sale could be illegal.
About VNET
VNET Team, Inc. is a prominent carrier- and cloud-neutral web knowledge middle products and services supplier in China. VNET supplies internet hosting and matching products and services, together with IDC products and services, cloud products and services, and industry VPN products and services to toughen the reliability, safety, and pace of its consumers’ web infrastructure. Shoppers would possibly find their servers and kit in VNET’s knowledge facilities and fix to China’s web spine. VNET operates in additional than 30 towns right through China, servicing a different and dependable bottom of over 7,500 internet hosting and matching undertaking consumers that span diverse industries starting from web firms to executive entities and blue-chip enterprises to small- to mid-sized enterprises.
Secure Harbor Remark
This announcement accommodates forward-looking statements. Those forward-looking statements are made below the “safe harbor” provisions of the U.S. Non-public Securities Litigation Reform Employment of 1995. Those statements can also be known by means of terminology reminiscent of “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and homogeneous statements. Amongst alternative issues, quotations from control on this announcement in addition to VNET’s strategic and operational plans, comprise forward-looking statements. VNET might also put together written or oral forward-looking statements in its studies filed with, or furnished to, the U.S. Securities and Change Fee, in its annual studies to shareholders, in press releases and alternative written fabrics and in oral statements made by means of its officials, administrators or staff to 3rd events. Statements that aren’t historic info, together with statements about VNET’s ideals and expectancies, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot of elements may just motive untouched effects to range materially from the ones contained in any forward-looking remark, together with however now not restricted to please see: VNET’s targets and methods; VNET’s liquidity situations; VNET’s growth plans; the predicted enlargement of the knowledge middle products and services marketplace; expectancies referring to call for for, and marketplace acceptance of, VNET’s products and services; VNET’s expectancies referring to maintaining and nutritious its relationships with consumers; VNET’s plans to spend money on analysis and construction to strengthen its resolution and repair choices; and common financial and industry situations within the areas the place VNET supplies answers and products and services. Additional knowledge referring to those and alternative dangers is incorporated in VNET’s studies filed with, or furnished to, the U.S. Securities and Change Fee. All knowledge supplied on this press shed is as of the moment of this press shed, and VNET undertakes deny responsibility to replace such knowledge, apart from as required below appropriate regulation.
Investor Members of the family Touch:
Xinyuan Liu
Tel: +86 10 8456 2121
E-mail: [email protected]
SOURCE VNET Team, Inc.
