Kirkland represented Qihoo 360 Technology Co. Ltd. in connection with the offering of US$900 million of convertible senior notes. This was the largest-ever convertible bond issued by a US-listed Chinese technology company and the largest convertible bond in Asia in the last three years. The offering consisted of a private placement of US$450 million principal amount of convertible senior notes due 2020 and US$450 million principal amount of convertible senior notes due 2021, with a 30-day over-allotment option to buy an additional US$135 million of the notes.
Qihoo 360 Technology is one of the leading and fastest-growing Internet companies in China and is listed on the New York Stock Exchange. The notes were offered pursuant to Rule 144A and Regulation S. Credit Suisse and Citi acted as the joint bookrunners and China Renaissance and UBS acted as co-managers. The deal closed on August 6, 2014.
The Kirkland team was led by Hong Kong corporate partners David Zhang and Benjamin Su.