iQIYI Announces Proposed Offering of Convertible Senior Notes

Core Viewpoint - iQIYI, Inc. has announced the commencement of a US$300 million offering of convertible senior notes due 2030, aimed at raising capital for debt repayment and general corporate purposes [1][4]. Group 1: Notes Offering Details - The offering consists of US$300 million aggregate principal amount of convertible senior notes, which will mature on March 15, 2030 [1][2]. - The notes will be senior, unsecured obligations and will rank junior to any secured indebtedness of the company [2]. - Holders of the notes may require the company to repurchase their notes in cash on March 15, 2028, or in the event of certain fundamental changes [2]. Group 2: Conversion and Redemption Terms - The notes cannot be converted prior to the 40th day following the original issuance date, with specific conditions for conversion after that period [2]. - Upon conversion, holders will receive cash, American Depositary Shares (ADSs), or a combination of both, at the company's election [2]. - The interest rate and initial conversion rate will be determined at the time of pricing the notes [2]. Group 3: Use of Proceeds - The net proceeds from the notes offering will be used for the repayment and/or repurchase of existing debt securities and for general corporate purposes [4]. Group 4: Company Overview - iQIYI, Inc. is a leading provider of online entertainment video services in China, known for its innovative technology platform and diverse monetization model [7]. - The company combines creative talent with technology to produce a wide variety of content, leveraging advanced AI and big data analytics [7].