Baidu Completes Issue of $2 Billion Yuan Exchangeable Bonds

MT Newswires Live03-13

Baidu (HKG:9888) completed the issue of $2 billion of exchangeable bonds to certain non-US persons outside the US, a Wednesday filing with the Hong Kong bourse said.

The bonds, which will not bear regular interest and will fall due March 12, 2032, have begun trading on the open market of the Frankfurt Stock Exchange.

Bondholders can exchange their bonds for cash between one year after issuance and six months before maturity, but only if certain conditions are met.

The firm may choose to deliver Trip.com (HKG:9961) shares listed on the Hong Kong Stock Exchange instead of cash or as part of a cash-and-share combination.

The Chinese technology company will use proceeds from the issue to repay debt, pay interest, and for general corporate purposes.

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