Benzinga | Aug 26, 2020 05:44AM EDT

21Vianet Prices 17M ADS Offering @$20.75/Share

21Vianet Group, Inc. ("21Vianet" or the "Company") (NASDAQ:VNET) today announced the pricing of a follow-on offering by it of 17,000,000 American depositary shares ("ADSs"), each representing six of its Class A ordinary shares (the "Follow-on Offering"), at a public offering price of US$20.75 per ADS. The underwriters will have a 30-day option to purchase up to an aggregate of 2,550,000 additional ADSs from 21Vianet at the same price.

The offering is expected to close on August 28, 2020, subject to customary closing conditions.

21Vianet expects to use approximately 80% of the net proceeds from this offering to expand the Company's data center infrastructure by organic growth and strategic acquisitions; and the remaining for research and development and other general corporate purposes including debt repayment.

Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Jefferies LLC are acting as joint book-running managers for the Follow-on Offering.