SouFun Reports Investment From IDG, Carlyle, Management Members

(RTTNews) - SouFun Holdings Limited (SFUN), a real estate Internet portal in China, Friday said it entered into a subscription agreement with IDG Alternative Global Limited, which is an affiliate of IDG Capital Partners.

The firm also entered into a subscription agreement with Safari Group Holdings Limited and Safari Group CB Holdings Limited, which are beneficially owned by Carlyle Group.

IDG, Carlyle and the management, mainly founder and CEO Vincent Mo, will invest between $400 million and $700 million to purchase SouFun's newly issued Class A ordinary shares and convertible notes following the subscription agreements.

The subscription price of the new class A ordinary shares is $5.85 per current ADS, which is a 3.5 percent premium to the volume-weighted average trading price of the ADS for the 20 trading days preceding September 16.

Holders of the convertible notes will have the right to convert the notes into class A ordinary shares at the price per share equal to 122.5 percent of the per share purchase price of the new Class A ordinary shares in 7 years after the issuance of the notes. The notes shall bear an annual interest of 1.5 percent.