Qunar (QUNR) reported after the close, and the stock is up about $.90 AH (hit high over $31) on light volume, after closing at $29.06, up 1.93%. Regular hours volume was 1.272 million, about 2x to 3x recent average volume.
Excerpt, from
GLOBENEWSWIRE
related to Baidu credit line and loan to Qunar:
As of December 31, 2014, Qunar had cash, cash equivalents, restricted cash, funds receivable and short-term investments of RMB1.5 billion (US$235.8 million). Qunar entered into a US$300 million revolving credit facility agreement with Baidu on February 27, 2014. The agreement has a term of three years and any drawdown bears an annual interest rate of 90% of the benchmark lending rate published by the People's Bank of China and shall be repaid within three years from the drawdown date. The Company may repay its outstanding debt obligation at maturity either by cash or by its shares. The applicable share conversion price will be determined by the prevailing share price at the maturity date. On March 12, 2015, Qunar drew down RMB 507 million from Baidu according to the revolving credit facility agreement with the plan to use the funds for the Company's operational and investment needs. As of February 28, 2015, Qunar had 224,299,179 Class A ordinary shares and 134,430,393 Class B ordinary shares outstanding.
Business Outlook
For the first quarter of 2015, the Company expects year-on-year revenue growth in the range of 85% to 90%. This forecast reflects Qunar's current and preliminary view, which is subject to change.
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