iQIYI announces repurchases of $340 million 4% convertibles due 2026

By Wendy Van Sickle

Columbus, Ohio, March 7 – iQIYI, Inc. announced that it entered into separate and individual privately negotiated agreements with holders of its existing 4% convertible senior notes due 2026 to repurchase about $340 million of the notes, according to a press release Tuesday.

The agreements were entered into after the company priced $600 million of new 6.5% convertible notes due in 2028. That issuance has now closed.

The company previously announced it entered into agreements to repurchase $245 million of the 4% convertibles due 2026, but that figure was upwardly revised in the news release Tuesday.

The issuer is a Beijing-based online entertainment service provider.

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