iQIYI Prices Upsized Offering of US$350 Million Convertible Senior Notes due 2030 and Announces Concurrent Repurchases of Approximately $300 Million Convertible Senior Notes

Core Viewpoint - iQIYI, Inc. has announced the pricing of its upsized offering of US$350 million in aggregate principal amount of 4.625$200,000 principal amount of Notes, translating to an initial conversion price of approximately US$3.0855 per ADS, representing a conversion premium of about 27.5$2.42 per ADS on February 19, 2025 [2]. - The net proceeds from the Notes Offering are expected to be approximately US$344.8 million, which will be used for repaying existing debt securities and for general corporate purposes [4]. Group 2: Repurchase of Existing Notes - The company has entered into agreements to repurchase approximately US$300 million principal amount of its existing convertible senior notes shortly after the pricing of the new Notes [5]. - The terms of the repurchase transactions have been individually negotiated with each holder of the existing notes [5]. Group 3: Regulatory Compliance - The Notes are offered in offshore transactions outside the United States, complying with Regulation S under the U.S. Securities Act of 1933, and will not be registered under the Securities Act [3].