VNET Announces the Closing of Its Offering of US$430 Million Convertible Senior Notes due 2030
VNET Group (Nasdaq: VNET) has successfully closed its offering of US$430 million convertible senior notes due 2030. The notes carry a 2.50% annual interest rate, payable semi-annually starting October 1, 2025.
The notes are convertible at an initial rate of 72.7273 ADSs per US$1,000 principal amount, equivalent to US$13.75 per ADS - a 25% premium above the March 12, 2025 closing price of US$11.00. Holders can require VNET to repurchase their notes on April 3, 2028, or during fundamental changes at 100% of principal plus accrued interest.
The proceeds will fund wholesale IDC projects, working capital, and general corporate purposes. The notes were offered offshore to non-U.S. persons under Regulation S and are not registered under the Securities Act.
VNET Group (Nasdaq: VNET) ha concluso con successo la sua offerta di 430 milioni di dollari USA di obbligazioni convertibili senior con scadenza nel 2030. Le obbligazioni hanno un tasso di interesse annuale del 2,50%, pagabile semestralmente a partire dal 1 ottobre 2025.
Le obbligazioni sono convertibili a un tasso iniziale di 72,7273 ADS per ogni 1.000 dollari USA di valore nominale, equivalente a 13,75 dollari USA per ADS - un premio del 25% rispetto al prezzo di chiusura del 12 marzo 2025 di 11,00 dollari USA. I detentori possono richiedere a VNET di riacquistare le loro obbligazioni il 3 aprile 2028, o durante cambiamenti fondamentali al 100% del valore nominale più gli interessi maturati.
I proventi finanzieranno progetti IDC all'ingrosso, capitale circolante e scopi aziendali generali. Le obbligazioni sono state offerte all'estero a persone non statunitensi ai sensi della Regolamentazione S e non sono registrate ai sensi del Securities Act.
VNET Group (Nasdaq: VNET) ha cerrado con éxito su oferta de 430 millones de dólares estadounidenses en notas senior convertibles con vencimiento en 2030. Las notas tienen una tasa de interés anual del 2,50%, pagadera semestralmente a partir del 1 de octubre de 2025.
Las notas son convertibles a una tasa inicial de 72,7273 ADS por cada 1.000 dólares estadounidenses de monto principal, equivalente a 13,75 dólares estadounidenses por ADS - un 25% de prima sobre el precio de cierre del 12 de marzo de 2025 de 11,00 dólares estadounidenses. Los tenedores pueden solicitar a VNET que recompre sus notas el 3 de abril de 2028, o durante cambios fundamentales al 100% del principal más intereses acumulados.
Los ingresos financiarán proyectos IDC al por mayor, capital de trabajo y fines corporativos generales. Las notas se ofrecieron en el extranjero a personas no estadounidenses bajo la Regulación S y no están registradas bajo la Ley de Valores.
VNET Group (Nasdaq: VNET)는 2030년 만기 전환형 선순위 채권 4억 3천만 달러의 발행을 성공적으로 마무리했습니다. 이 채권은 연 2.50%의 이자율을 가지며, 2025년 10월 1일부터 반기마다 지급됩니다.
채권은 초기 비율로 1,000달러의 원금당 72.7273 ADS로 전환 가능하며, 이는 ADS당 13.75달러에 해당하며, 2025년 3월 12일 종가인 11.00달러보다 25%의 프리미엄이 붙습니다. 보유자는 2028년 4월 3일에 VNET에게 자신의 채권을 100%의 원금과 발생한 이자를 포함하여 재매입할 것을 요구할 수 있습니다.
수익금은 도매 IDC 프로젝트, 운영 자본 및 일반 기업 목적을 위한 자금으로 사용됩니다. 이 채권은 비미국인에게 Regulation S에 따라 해외에서 제공되었으며, Securities Act에 따라 등록되지 않았습니다.
VNET Group (Nasdaq: VNET) a réussi à clôturer son offre de 430 millions de dollars US d'obligations senior convertibles arrivant à échéance en 2030. Les obligations portent un taux d'intérêt annuel de 2,50%, payable semestriellement à partir du 1er octobre 2025.
Les obligations sont convertibles à un taux initial de 72,7273 ADS pour 1.000 dollars US de montant principal, ce qui équivaut à 13,75 dollars US par ADS - une prime de 25 % par rapport au prix de clôture du 12 mars 2025 de 11,00 dollars US. Les détenteurs peuvent demander à VNET de racheter leurs obligations le 3 avril 2028, ou lors de changements fondamentaux, à 100 % du principal plus les intérêts courus.
Les produits serviront à financer des projets IDC en gros, du fonds de roulement et des fins d'entreprise générales. Les obligations ont été offertes à l'étranger à des personnes non américaines en vertu de la réglementation S et ne sont pas enregistrées en vertu de la loi sur les valeurs mobilières.
VNET Group (Nasdaq: VNET) hat erfolgreich sein Angebot von 430 Millionen US-Dollar an wandelbaren vorrangigen Anleihen mit Fälligkeit im Jahr 2030 abgeschlossen. Die Anleihen haben einen Jahreszinssatz von 2,50%, der halbjährlich ab dem 1. Oktober 2025 zahlbar ist.
Die Anleihen sind zu einem anfänglichen Satz von 72,7273 ADS pro 1.000 US-Dollar Nennbetrag wandelbar, was 13,75 US-Dollar pro ADS entspricht - ein Aufschlag von 25% über dem Schlusskurs vom 12. März 2025 von 11,00 US-Dollar. Inhaber können von VNET verlangen, dass ihre Anleihen am 3. April 2028 oder bei grundlegenden Änderungen zum 100%igen Nennwert zuzüglich aufgelaufener Zinsen zurückgekauft werden.
Die Erlöse werden zur Finanzierung von Großhandels-IDC-Projekten, Betriebskapital und allgemeinen Unternehmenszwecken verwendet. Die Anleihen wurden im Ausland an nicht-US-Personen gemäß Regulation S angeboten und sind nicht nach dem Securities Act registriert.
- Successful raising of US$430 million in new capital
- 25% conversion premium indicates confidence in share price appreciation
- Long maturity period until 2030 provides financial flexibility
- Funds secured for IDC project expansion
- 2.50% interest expense adds to company's debt service costs
- Potential dilution for existing shareholders upon conversion
- Additional debt burden on balance sheet
Insights
VNET's successful closing of a
The notes'
Strategically, this financing provides VNET substantial capital for IDC expansion without immediately diluting existing shareholders. The 2028 investor put option creates a defined evaluation timeline while giving the company nearly three years of operational flexibility before potential redemption obligations arise.
For investors, this transaction represents a well-structured capital raise that enhances VNET's competitive positioning in China's growing data center market. The financing strengthens the company's ability to fund capital-intensive infrastructure projects essential for capturing market share in the rapidly expanding cloud services sector, where scale and capacity are critical competitive advantages.
This
VNET's focus on wholesale IDC projects suggests a strategic emphasis on serving hyperscale cloud providers and large enterprises that typically require substantial dedicated capacity. This approach aligns with broader industry trends where scale, energy efficiency, and strategic locations drive competitive advantage.
The timing is particularly relevant as Chinese enterprises continue accelerating digital transformation initiatives requiring robust infrastructure. As a carrier-neutral and cloud-neutral provider, VNET can leverage this funding to expand capacity while maintaining the flexibility to serve diverse customer requirements across multiple clouds and connectivity options.
While the competitive landscape remains intense with both domestic and international players vying for market share, this financing provides VNET the capital resources to execute on expansion plans. Success will ultimately depend on efficient capital deployment, securing high-value anchor tenants, and maintaining operational excellence—but this funding removes a significant potential constraint on growth that often challenges data center operators.
The Notes bear interest at a rate of
Holders of the Notes have the right to require the Company to repurchase all or part of their Notes in cash on April 3, 2028 or, subject to certain conditions, in the event of certain fundamental changes (as defined in the indenture of the Notes), at a repurchase price equal to
Holders of the Notes may not convert the Notes at any time on or prior to the 40th day following the last date of the original issuance of the Notes (such date, the "Compliance Period End Date"). After the Compliance Period End Date and prior to the close of business on the business day immediately preceding October 1, 2029, the Notes will be convertible only if certain conditions are met. From and after October 1, 2029, holders of the Notes may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, the American Depositary Shares, each representing six Class A ordinary shares, with par value of
The Notes will initially be convertible at a conversion rate of 72.7273 ADSs per
The Notes are offered in offshore transactions outside
The Company intends to use the net proceeds from the Notes Offering for the capital investment in wholesale IDC projects, working capital and general corporate purposes.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About VNET
VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in
Safe Harbor Statement
This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the
Investor Relations Contact:
Xinyuan Liu
Tel: +86 10 8456 2121
Email: ir@vnet.com
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SOURCE VNET Group, Inc.