June 14, 2018 / 8:17 AM / a year ago

Singapore-based Sea prices $500 mln notes issue

June 14 (Reuters) - Singapore-based online gaming and e-commerce company Sea Ltd on Thursday priced $500 million convertible senior notes due 2023 and said it expects an affiliate of Tencent Holdings to buy up to $50 million of the offering.

The company said up to $30 million of the notes will be bought by an affiliate of one of its directors.

Interest on the notes will be payable semi-annually in cash at a rate of 2.25 percent per annum, it added.

The company, which counts China's Tencent as its biggest shareholder, reported a larger-than-expected fourth-quarter loss in February as marketing expenses for its new e-commerce division more than tripled.

Sea said it will utilise the proceeds for expanding its business. (Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)

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