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Baidu Announces Completion of US$2 Billion Offering of Zero Coupon Exchangeable Bonds
BIDUBIDU(BIDU) Prnewswire·2025-03-12 10:54

Core Viewpoint - Baidu, Inc. has successfully completed a US2billionexchangeablebondsoffering,whichwillmaturein2032,aimedatrepayingexistingdebtandsupportinggeneralcorporatepurposes[1][4].Group1:BondsOfferingDetails−Thebondswillnotbearregularinterestandwillnotaccreteinprincipalamount,maturingonMarch12,2032,unlessrepurchased,redeemed,orexchanged[2].−Holderscanexchangetheirbondsafterthefirstanniversaryoftheissuedate,withspecificconditionsforcashexchanges[2].−Theinitialexchangeratioissetat1,107.0457Trip.comSharesperUS2 billion exchangeable bonds offering, which will mature in 2032, aimed at repaying existing debt and supporting general corporate purposes [1][4]. Group 1: Bonds Offering Details - The bonds will not bear regular interest and will not accrete in principal amount, maturing on March 12, 2032, unless repurchased, redeemed, or exchanged [2]. - Holders can exchange their bonds after the first anniversary of the issue date, with specific conditions for cash exchanges [2]. - 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 [3]. Group 2: Use of Proceeds - The net proceeds from the bonds offering will be utilized for repaying certain existing indebtedness, paying interest, and for general corporate purposes [4]. Group 3: Regulatory and Trading Information - The bonds have not been registered under the Securities Act and cannot be offered or sold in the U.S. except under specific exemptions [5]. - The bonds have received approval for listing on the Frankfurt Stock Exchange and have commenced trading [6].