- Bilibili (NASDAQ:BILI) trades 6.8% down premarket after it announced a proposed offering of $1,400M in principal amount of convertible senior notes due 2026.
- Initial purchasers granted 30-day option to purchase up to an additional $200M principal amount of the notes.
- The notes will mature on Dec.1, 2026; the company may redeem for cash all or any part of the notes on or after Dec.1, 2024.
- Net proceeds to be used for the enrichment of content offerings, research and development, and general corporate purposes; plans to use an equivalent amount of the net proceeds from the Notes Offering to finance or refinance, in whole or in part, one or more of its new or existing Eligible Projects post its Sustainable Finance Framework.
- Alongside, the company may enter into separate and individually negotiated transactions with certain holders of the company's 1.375% Convertible Senior Notes due 2026 to exchange notes for ADSs