Sea raises $6b in equity, bond sale

Details:

• Sea pegged the price of 11 million American depository receipts at US$318 apiece, raising about US$3.5 billion in the biggest ever equity offering by a Southeast Asian firm. The company also priced US$2.5 billion in convertible bonds due in 2026, paying a 0.25% coupon rate.
• The share price represents a 1.4% discount to the company’s last close of US$322.60 on the New York Stock Exchange.

Dive deeper:

• The equity deal comes as Sea reportedly gears up for market expansion across its different businesses, including those of Shopee in Latin America and its food delivery business in Southeast Asia.
• The company saw an over 2x year-on-year increase in its second quarter GAAP (generally accepted accounting principles) revenue, which stood at US$2.3 billion. However, its net loss widened by 10.2% to US$433.6 million in the same period. (Read: Sea: The next advertising powerhouse?)