Baidu (BIDU) on Friday proposed to offer up to $2 billion in exchangeable bonds due 2032 outside the US.
The bonds will reference ordinary shares of Trip.com (TCOM) that are listed on the Hong Kong stock exchange. The bonds are not exchangeable for Trip.com's American depository shares, Baidu said.
Baidu aims to use the proceeds from the offering for the repayment of certain existing indebtedness, payment of interest and general corporate purposes.
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