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iQIYI will repurchase $245 million of 4% convertibles due 2026
Chicago, March 1 – iQIYI, Inc. announced that it worked with investors in one or more separate and privately negotiated agreements to repurchase a total of approximately $245 million of its existing 4% convertible senior notes due 2026, according to a press release.
Selling noteholders may purchase the company's American Depositary Shares in the market and/or in privately negotiated transactions and/or enter into or unwind economically equivalent derivative transactions, with respect to the company’s ADSs to hedge their exposure in connection with these repurchase transactions and their investment in the existing notes.
The consummation of the repurchase transactions will be conditional on the completion of a new notes offering.
iQIYI priced $600 million convertible senior notes due 2028 on Wednesday.
The issuer is a Beijing-based online entertainment service provider.
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