Qudian completes early repurchase of $47.5 million 1% convertibles

By Mary-Katherine Stinson

Lexington, Ky., July 5 – Qudian Inc. completed the repurchase of all of its $47.5 million outstanding 1% convertible senior notes due 2026 (Cusip: 747798AB2), according to a press release Tuesday.

As previously reported, the company announced repurchase rights through June 30 for holders of the convertibles and subsequently reported that the entire $47.5 million had been surrendered and accepted for purchase by the deadline.

As a result, as of July 5, there are no notes outstanding.

Settlement of the offer was on July 1.

Accrued and unpaid interest was paid on June 30 to all noteholders of record as of 5 p.m. ET on June 15 regardless of the exercise of the repurchase rights, therefore there was no additional interest payment to the noteholders who elected to have their notes repurchased.

The cash purchase price of the notes was $47.5 million.

Deutsche Bank Trust Co. Americas was the trustee and paying agent.

Qudian is a Xiamen, China-based online consumer credit provider.

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