Conyers advises YY Inc on international offering of $400m convertible senior notes

Conyers Dill & Pearman has provided British Virgin Islands (BVI) and Cayman Islands legal advice to YY Inc in connection with an international offering of $400m (£237m) principal amount of the company’s 2.25 per cent convertible senior notes due 2019, convertible into American depositary shares, each representing 20 class-A common shares of the company with par value $0.00001 per share at the conversion rate.

The conversion rate of the notes is subject to adjustments in some events including certain corporate events or following delivery of a notice of tax redemption prior to maturity. The holders of the notes may at their option convert the notes at any time prior to maturity and have a put option for cash for all or part of their notes.

Paul Lim of Conyers’ Hong Kong office advised on the matter, working alongside Skadden, Arps, Slate, Meagher & Flom, Davis Polk & Wardwell, Ziegler, Ziegler & Associates and Perkins Coie.