FinVolution Group (FINV), a fintech platform in China, Indonesia and the Philippines, Friday said it has priced its 2.5%, $130 million convertible senior notes due 2030.
The company has granted the initial purchasers an option to purchase up to an additional $20 million of notes.
FinVolution intends to use the net proceeds from the offering to expand its international business, for working capital, and to buy back 6.37 million ADSs from certain purchasers of the notes.
Upon conversion of the notes, the holders, at their option, will get cash or ADSs, each representing 5 class A shares, or a combination of both. The initial conversion rate of the notes is 80.8865 ADSs per $1,000 of the notes, which is equivalent to about $12.36 per ADS. This represents about 30% conversion premium over the closing price of the company's ADSs on June 18, 2025.
Concurrently with the pricing of the notes offering, the company plans to repurchase 6.37 million ADSs from certain purchasers of the notes for $9.51 per ADS.
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