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Baidu Announces Pricing of US$2 Billion Offering of Zero Coupon Exchangeable Bonds
BIDUBIDU(BIDU) Prnewswire·2025-03-07 13:57

Core Viewpoint - Baidu, Inc. has announced the pricing of its US2billionexchangeablebondsduein2032,aimedatcertainnon−U.S.persons,withtheofferingexpectedtoclosearoundMarch12,2025[1].Group1:BondsOfferingDetails−ThebondswillreferenceordinarysharesofTrip.comGroupLimited,listedontheHongKongStockExchange[2].−Holderscannotexchangetheirbondsbeforethefirstanniversaryoftheissuedate,withspecificconditionsforexchangesthereafter[2][4].−Theinitialexchangeratioissetat1,107.0457Trip.comSharesperUS2 billion exchangeable bonds due in 2032, aimed at certain non-U.S. persons, with the offering expected to close around March 12, 2025 [1]. Group 1: Bonds Offering Details - The bonds will reference ordinary shares of Trip.com Group Limited, listed on the Hong Kong Stock Exchange [2]. - Holders cannot exchange their bonds before the first anniversary of the issue date, with specific conditions for exchanges thereafter [2][4]. - The initial exchange ratio is set at 1,107.0457 Trip.com Shares per US100,000 principal amount, representing a 43% exchange premium over the recent share price of HK$491.00 [3]. Group 2: Financial Terms and Use of Proceeds - The bonds will not bear regular interest and will mature on March 12, 2032, with a repurchase option available for holders on March 12, 2029 [4]. - The net proceeds from the bonds offering will be used for repaying existing indebtedness, paying interest, and for general corporate purposes [5]. Group 3: Regulatory and Market Considerations - The bonds will not be registered under the Securities Act and cannot be offered or sold in the U.S. except under specific exemptions [6]. - The bonds are expected to be listed on the Open Market segment of the Frankfurt Stock Exchange [7]. - Investors may engage in hedging transactions that could impact the market price of Trip.com Shares [8].