China-based, US-listed consumer lending platform LexinFintech Holdings has agreed to issue USD300 million in convertible notes to Asia-focused private equity firm PAG through a private placement. Through the transaction, LexinFintech is expected to raise gross proceeds of USD264 million and will use the fresh funding to enhance its product offerings, further develop the platform’s underlying technology, and improve customer benefits. The transaction is subject to closing conditions and expected to be completed in September 2019.