Baidu Prices $2 Billion Exchangeable Bond Offering Due 2023

MT Newswires Live

03/07

Baidu (BIDU) said Friday that it has priced $2 billion worth of exchangeable bonds due 2032.

The company said the bonds will reference ordinary shares of Trip.com listed on the Hong Kong Stock Exchange. Baidu said the initial exchange ratio of the bonds will be 1,107.0457 Trip.com shares per $100,000 principal amount of bonds.

Baidu said it plans to use the net proceeds from the offering to repay certain existing indebtedness, pay interest, and for general corporate purposes. The offering is slated to close on or about Wednesday, subject to customary closing conditions.

BIDU shares were 0.6% lower ahead of Friday's opening bell.

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