$400m (60m) sen unsec cb coming from GS. Terms: 5yr, 1.25-1.75% up 37.5-42.5%, 3yr put, full pctns. UOP = repay debt from acq/gcp. 8.82B online discount retailer thru its website Vipshop.com with stock +5.5x since 06/13 low.
PF Cash = 574m
Debt = 401m
LTM ebitda = 72m
Gross lev – 5.5x & last CF statement filed was 12/12.
China space =
2.6y CTRP (6.4B mkt cap) ~L+550
QIHU (14B) L+475
SINA (4.6B) L+460, SFUN (7.2B) L+780 (all 40vol)
A lot of NQ contagion concerns in space have subsided (NQ stock +150% since 10/13 low & cb’s back to 91. We’d assume L+600 (as w/all China names, if domestic these spreads would be tighter.
ADV = 880k
01/16 220c 57iv bid, we’d use 40% & 1.5% brw.
Theo = 101.9
Space has been 2 buy so you don’t need to be a VIP 2 buy this.