Sea Limited $575 Million Convertible Senior Notes Offering

Davis Polk advised the initial purchaser in connection with a Rule 144A and Regulation S offering by Sea Limited of $575 million aggregate principal amount of its 2.25% convertible senior notes due 2023, which includes a $75 million option to purchase additional notes, which was exercised in full.

Sea’s mission is to better the lives of the consumers and small businesses of Greater Southeast Asia with technology. Sea operates three platforms across digital entertainment, e-commerce and digital financial services, known as Garena, Shopee and AirPay, respectively.

The Davis Polk corporate team included partner James C. Lin, counsel Faisal Baloch and Terrence R. O'Donnell and associates Richard Corbett and Heather Weigel. The equity derivatives team included partner Ray Ibrahim, counsel Justin Michael and associates Joseph Luizzi and Brent T. Duddie. Counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.