Zhi Tong Cai Jing·2025-09-04 22:30Core Viewpoint - Alibaba-W (09988) has initiated an exchange offer for its outstanding notes, which includes a total principal amount of up to $1 billion in 4.875% senior notes due 2030, $1.15 billion in 5.250% senior notes due 2035, and $500 million in 5.625% senior notes due 2054, as part of fulfilling its obligations under a registration rights agreement [1][2] Group 1 - The exchange offer is for the exchange of existing notes for new notes of the same principal amount, and it does not represent a new financing transaction [1] - The terms of the exchange notes are substantially the same as those of the outstanding notes, but the exchange notes will not include transfer restrictions or additional interest provisions due to non-compliance with the registration rights agreement [1] - The exchange offer is valid until October 2, 2025, at 5:00 PM New York City time, unless extended by the company [2] Group 2 - Bids for the outstanding notes must be submitted by the expiration time and can be withdrawn at any time before the expiration [2] - The terms of the exchange offer are detailed in the prospectus filed with the U.S. Securities and Exchange Commission on September 4, 2025 [2]