- iQIYI ( NASDAQ: IQ ) commenced an offering of $600M principal amount of its convertible senior notes due 2028.
- Interest rate, initial conversion rate will be set at the time of notes pricing.
- Notes will mature on Mar.15, 2028, unless repurchased, redeemed or converted; company will not redeem the notes prior to maturity on or after Mar.20, 2026.
- Notes are convertible at the option of holders and on conversion holders will receive cash, ADS, each representing seven Class A ordinary shares, with par value of $0.00001/share, or a combination of cash and ADSs.
- Net proceeds to be used for repayment and/or repurchase of the existing debt securities.
- Shares trading 7.6% down premarket.
For further details see:
IQ launches $600M in convertible senior notes offering