SHENZHEN, China, Sept. 11, 2019 /PRNewswire/ -- LexinFintech Holdings Ltd. (NASDAQ: LX) ("Lexin" or
the "Company"), a leading fintech platform for educated young
adults in China, today announced
that it has entered into a convertible note purchase agreement with
PAG, a leading Asia-focused
private equity firm with over US$30
billion in capital under management, pursuant to which the
Company will issue and sell convertible notes in an aggregate
principal amount of US$300 million to
PAG through a private placement. The private placement is
subject to satisfaction of customary closing conditions and is
expected to close on or around September 16,
2019. The gross proceeds raised from this placement will be
approximately US$296.4
million.
The convertible notes will mature in seven years, bearing
interest at a rate of 2.0% per annum. The notes will be convertible
into fully paid Class A ordinary shares of the Company or ADSs at a
conversion price of US$14 per ADS at
the holder's option from the date that is six months after the
issuance date. The holder of the notes will have the right to
require the Company to repurchase for cash all or any portion of
the notes on the fourth anniversary of the issuance date.
At closing, the Company will appoint to its Board of Directors
one person designated by PAG.
Mr. Jay Wenjie Xiao, Founder,
chairman and chief executive officer of the Company, said, "We are
excited to have PAG as our new investor. This investment will enable Lexin to further
develop and enhance our consumption-based ecosystem, improve
product offerings to our educated adult customers, continue to
invest in technology, build up additional consumption scenarios,
and provide more consumer benefits to our customers."
"PAG has a strong commitment to and deep understanding of
China's financial services
industry, and we have a demonstrated track record of seeking out
and engaging with the industry's leading companies," said PAG
Chairman & CEO Weijian Shan.
"Lexin has an unparalleled platform for meeting young consumers'
credit needs while strictly controlling and minimizing credit
risks, which makes it unique, and we are looking forward to
supporting the company as it embarks on its next stage of
growth."
Goldman Sachs (Asia) L.L.C.,
BofA Merrill Lynch and China Renaissance acted as the private
placement agents to Lexin on the transaction.
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumer finance
platform for educated young adults in China. As one of China's leading financial technology
companies, Lexin integrates its e-commerce-driven installment
finance platform, Fenqile, with advanced risk management
technologies, the Company's Dingsheng asset distribution
technology platform, and the Company's Juzi Licai online
investment platform for individual investors, to create a
comprehensive consumer finance ecosystem. The Company utilizes
technologies including big data, cloud computing and artificial
intelligence to enable the near-instantaneous matching of users
funding requests with offers from the Company's more than 30
funding partners, which include commercial banks, consumer finance
companies, and other licensed financial institutions.
About PAG
PAG is a leading Asia-focused
private equity firm. Based in Hong
Kong, PAG delivers value to its investors and portfolio
companies by providing a world-class platform and an unparalleled
network of local, experienced investment professionals in 10
offices across Asia and around the
world. PAG currently manages more than US$30
billion in capital for some of the world's largest
institutional investors in North
America, Europe,
Asia and Mideast. PAG's private
equity funds focus on investing across the financial services,
consumer, healthcare, business products, and technology, media
& entertainment sectors. The firm has invested in significant
buyout and structured minority opportunities, including Yingde
Gases, China's largest independent
supplier of industrial gases; Tencent
Music Entertainment, China's
leading online music entertainment platform; and Joyson Safety
Systems, one of the world's largest manufacturers of vehicle safety
systems. PAG is a leading investor in the financial services
industry, with a portfolio of investments including Herald Pacific
Leasing, Dashu Finance and Samoyed Financial. Its partners led
landmark transactions to acquire control of Shenzhen Development
Bank, a nationwide bank in China,
Korea First Bank, a leading bank in South
Korea, and UniTrust Leasing, all with huge success, earning
its investors billions of dollars in profits. For more information,
visit www.pag.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the expectation of its collection efficiency and
delinquency, business outlook and quotations from management in
this announcement, contain forward-looking statements. Lexin may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Lexin's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Lexin's goal
and strategies; Lexin's expansion plans; Lexin's future business
development, financial condition and results of operations; Lexin's
expectation regarding demand for, and market acceptance of, its
credit and investment management products; Lexin's expectations
regarding keeping and strengthening its relationship with
borrowers, institutional funding partners, merchandise suppliers
and other parties it collaborates with; general economic and
business conditions; and assumptions underlying or related to any
of the foregoing. Further information regarding these and other
risks is included in Lexin's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Lexin does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
LexinFintech Holdings Ltd.
IR inquiries:
Tony Hung
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: IR@lexin.com
Media inquiries:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexin.com
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SOURCE LexinFintech Holdings Ltd.