iQIYI (IQ) said Monday it has closed its $350 million offering of 4.625% convertible senior notes due 2030.
The company said the net proceeds were about $344.8 million, which it will use to repay and/or repurchase existing debt securities and for general corporate purposes.
The company added it also closed the concurrent repurchase of about $300 million of its existing convertible senior notes.
Shares of iQIYI were down 6% in recent trading.
Price: 2.12, Change: -0.14, Percent Change: -5.99
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