Puxin Limited (NEW) Announces $69 Million Private Placement of Convertible Notes

Puxin Limited (NYSE: NEW) ("Puxin" or the "Company"), a successful consolidator of the after-school education industry in China, today announced that it has entered into convertible note purchase agreements with a group of institutional investors (the "Purchasers"), pursuant to which Puxin will issue and sell convertible notes in an aggregate principal amount of US$69 million through a private placement to the Purchasers. The transaction is subject to the satisfaction of customary closing conditions.

The convertible notes will mature in five years, bearing interest at the rate of 3% per annum from the issuance date which shall be payable semiannually in arrears in cash. Subjected to and upon compliance with the terms of the convertible notes, each Purchaser has the right to convert all or any portion of the convertible notes at its option at any time after the issuance into ordinary shares of the Company represented by American depositary shares ("ADSs"). Unless previously redeemed or converted, the Company shall repay the notes on the maturity date at 100% of the then outstanding principal amount plus all accrued but unpaid interest.

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