Qihoo 360 Plans US$550 Mln Convertible Senior Notes Offering

(RTTNews) - Qihoo 360 Technology Co. Ltd. (QIHU) said Tuesday that it plans to offer US$550 million principal amount of convertible senior notes due 2018.

The company plans to grant the initial purchasers of the notes a 30-day option to purchase up to an additional US$50 million principal amount of notes to cover over-allotments, if any.

The notes will be convertible into Qihoo 360's American Depositary Shares, with every two ADSs representing three Class A ordinary shares of Qihoo 360. The notes will mature on September 15, 2018.

Qihoo 360 said it expects to use the proceeds from the offering for general corporate purposes.