JOYY Inc. Announces the Results of the Repurchase Right Offer for its 1.375% Convertible Senior Notes due 2026

Rhea-AI Summary

On June 14, 2024, JOYY announced the results of its repurchase right offer for its 1.375% Convertible Senior Notes due 2026. The offer, which expired on June 13, 2024, saw US$405,445,000 worth of notes surrendered. JOYY accepted all surrendered notes and forwarded cash payments to Citibank for distribution. Payments will be made by June 17, 2024, as June 15 falls on a Saturday. Documents related to this offer are available on the SEC's website and JOYY's investor relations website.

Positive

• JOYY successfully repurchased US$405,445,000 of its 2026 Notes.
• The repurchase offer was fully subscribed, indicating strong investor participation.
• Quick and efficient processing of payments by June 17, 2024.
• No withdrawal of notes, signaling confidence in JOYY's financial strategy.

Negative

• Significant cash outflow of US$405,445,000 for the repurchase could impact liquidity.
• Future financial obligations remain for the remaining 2026 Notes not tendered, potentially affecting long-term financial stability.

News Market Reaction

-1.12%

1 alert

-1.12% News Effect

On the day this news was published, YY declined 1.12%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SINGAPORE, June 14, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (Nasdaq: YY) (“JOYY” or the “Company”), a global technology company, today announced the results of its previously announced repurchase right offer relating to its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 98426T AF3) (the “2026 Notes”). The repurchase right offer expired at 5:00 p.m., New York City time, on Thursday, June 13, 2024. Based on information from Citibank, N.A. as the paying agent for the 2026 Notes, US$405,445,000 aggregate principal amount of the 2026 Notes were validly surrendered and not withdrawn prior to the expiration of the repurchase right offer. The aggregate cash purchase price of these 2026 Notes is US$405,445,000. The Company has accepted all of the surrendered 2026 Notes for repurchase and has forwarded cash in payment of the same to the paying agent for distribution to the applicable holders. As June 15, 2024 is a Saturday, the paying agent will pay the repurchase price for the 2026 Notes tendered and the accrued interest on all of the 2026 Notes no later than Monday, June 17, 2024, the next succeeding business day following the repurchase date, pursuant to the indenture dated as of June 24, 2019 relating to the 2026 Notes.

Materials filed with the SEC will be available electronically without charge at the SEC’s website, http://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s website, https://ir.joyy.com.

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Investor Relations Contact

JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com

ICR, Inc.
Robin Yang
Email: joyy@icrinc.com

FAQ

What was the outcome of JOYY's repurchase right offer for its 2026 Notes?

JOYY repurchased US$405,445,000 worth of its 1.375% Convertible Senior Notes due 2026.

When did JOYY's repurchase right offer for 2026 Notes expire?

The repurchase right offer expired on June 13, 2024.

What is the cash purchase price for the surrendered 2026 Notes?

The aggregate cash purchase price is US$405,445,000.

When will the payment for surrendered 2026 Notes be made?

Payments will be made by June 17, 2024.

Where can I find documents related to the repurchase right offer?

Documents are available on the SEC's website and JOYY's investor relations website.