BEIJING, March 19, 2021 /PRNewswire/ -- 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 a convertible note purchase agreement with funds managed by
PAG (the "Purchaser"), pursuant to which Puxin will issue and
sell convertible notes in an aggregate principal amount of
US$20 million through a private
placement to the Purchaser. 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, the
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.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "may," "would,"
"expect," "anticipate," "future," "intend," "aim," "plan,"
"believe," "estimate," "predict," "project," "continue,"
"confident" and similar statements. The Company may also make
written or oral forward-looking statements in its reports filed
with or furnished to the U.S. Securities and Exchange Commission,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: its goals and strategies, its ability to achieve and
maintain profitability, its ability to attract and retain students
to enroll in its courses, its ability to effectively manage its
business expansion and successfully integrate businesses it
acquired, its ability to identify or pursue targets for
acquisitions, its ability to compete effectively against its
competitors, its ability to improve the content of its existing
courses or to develop new courses, and relevant government policies
and regulations relating to the Company's corporate structure,
business and industry. Further information regarding these and
other risks is included in the Company's filings with the U.S.
Securities and Exchange Commission. All information provided in
this press release is current as of the date of the press release,
and the Company does not undertake any obligation to update such
information, except as required under applicable law.
About Puxin Limited
Puxin Limited (NYSE: NEW, "Puxin" or the "Company") is a
successful consolidator of the after-school education industry in
China. Puxin has a strong
acquisition and integration expertise to effectively improve
education quality and operational performance of acquired schools.
Puxin offers a full spectrum of K-12 and study-abroad tutoring
programs designed to help students achieve academic excellence, as
well as prepare for admission tests and applications for top
schools, universities and graduate programs in China and other countries. The Company has
developed a business model effectively combining strategic
acquisitions and organic growth achieved through successful
post-acquisition integration, which has differentiated the Company
from other after-school education service providers in China. For more information, please visit
http://www.pxjy.com/.
About PAG
PAG is a leading Asia-focused
alternative investment manager, with strategies including private
equity, private debt, real estate and hedge funds. With more than
450 professionals in 11 key offices around the world, PAG delivers
value to investors by seeking out leading companies and investing
to help them reach their full potential. PAG currently manages
US$40 billion in assets on behalf of
more than 150 institutional investors from Europe, North
America, Asia, Australia and the Middle East. For more information, please
visit www.pag.com.
Contacts
Puxin Limited
Phone: +86-10-6269-8930
E-mail: ir@pxjy.com
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: puxin@icaasia.com
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SOURCE Puxin Limited