Uxin Enters into US$50 Million Private Placement

Uxin (NASDAQ:UXIN), automotive ecommerce platform based in China announced that it has entered in a US$50 million private placement of its convertible notes. The notes were purchased by PacificBridge Asset Management, with an annualized rate of 10-11 percent.

As quoted in the press release:

The convertible notes will mature in 12 months or 15 months, bearing interest at the rates of 10% or 11% per annum from the issuance date, respectively, depending on the maturity date. Each note will be convertible into Class A ordinary shares of the Company at a conversion price of US$1.663 per share (equivalent to US$4.989 per ADS) at the holder’s option after a 180-day period after the issuance.

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, said, “We are pleased to welcome PacificBridge as our new investor. This new private placement will bolster our initiatives to optimize the online used car purchasing experience and better position us to extend our leadership in China’s used car e-commerce sector. As we continue to refine our platform and make our full suite of product and service offerings – from standardized inspections, online inventory, nationwide offline service and fulfillment network, to comprehensive aftersales services – available to more consumers across multiple city tiers in China, we are confident that Uxin will increasingly be recognized as the ‘go-to’ platform to buy used cars online.”

Click here to read the full press release.