Workflow
Bilibili Inc. Announces Pricing of Upsized Offering of US$600 Million Convertible Senior Notes
BILIBILIBILI(BILI) GlobeNewswire·2025-05-21 13:22

Core Viewpoint - Bilibili Inc. has announced the pricing of its upsized offering of US600millioninconvertibleseniornotesdue2030,aimedatenhancingitscontentecosystemandimprovingmonetizationefficiency[1][2].Group1:NotesOfferingDetails−TheNotesOfferingconsistsofUS600 million in convertible senior notes due 2030, aimed at enhancing its content ecosystem and improving monetization efficiency [1][2]. Group 1: Notes Offering Details - The Notes Offering consists of US600 million in aggregate principal amount, with an option for initial purchasers to buy an additional US90millionwithin30days[1].−TheNoteswillmatureonJune1,2030,andholderscanconvertthemintoClassZordinarysharesataninitialconversionrateof42.1747sharesperUS90 million within 30 days [1]. - The Notes will mature on June 1, 2030, and holders can convert them into Class Z ordinary shares at an initial conversion rate of 42.1747 shares per US1,000 principal amount, representing a conversion premium of approximately 27.1% above the closing price of HK146.00onMay21,2025[3].−TheNoteswillbearinterestatarateof0.625146.00 on May 21, 2025 [3]. - The Notes will bear interest at a rate of 0.625% per year, payable semiannually starting December 1, 2025 [5]. Group 2: Use of Proceeds - The net proceeds from the Notes Offering will be used to enhance the content ecosystem, facilitate user growth, improve monetization efficiency, fund share repurchases, and for general corporate purposes [2]. - Part of the proceeds will also be allocated for a Concurrent Repurchase, allowing investors to establish initial short positions in Class Z ordinary shares [8]. Group 3: Concurrent Delta Offering - Bilibili has priced a concurrent offering of 10,281,240 Class Z ordinary shares at HK140.10 per share, which will be borrowed from non-affiliate third parties [6]. - The Concurrent Delta Offering is designed to facilitate hedging transactions for investors subscribing to the Notes, employing a convertible arbitrage strategy [6][7]. Group 4: Redemption and Conversion Terms - The Company may redeem the Notes for cash starting June 6, 2028, if the last reported sale price of Class Z ordinary shares is at least 130% of the conversion price for 20 trading days [4]. - Holders can require the Company to repurchase their Notes for cash on June 1, 2028, or upon certain fundamental changes [4].