- Weibo Corp (NASDAQ: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 (NASDAQ: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.
Rivian Shares Jump 10% After Reaffirming Production Guidance, But Here’s Why Analysts Remain Skeptical
Rivian Automotive Inc (NASDAQ: RIVN) shares traded higher by 13.2% on Wednesday after the company reported impressive production and delivery growth in the second quarter.