Baidu (HKG:9888) set the price for its $2 billion exchangeable bonds due 2032, linked to shares of Trip.com Group, will bear no interest under regulation S, according to a Friday filing with the Hong Kong Stock Exchange.
The initial exchange price is set at HK$702.13 per Trip.com share, a 43% premium over the delta placement price. Proceeds will be used for debt repayment and corporate purposes.
The offering is expected to close on March 12, pending customary conditions.
Company's share prices were almost 2% up in recent trading.
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