iQIYI, Inc. announced the closing of its offering of US$350 million in aggregate principal amount of 4.625% convertible senior notes due 2030. The notes will mature on March 15, 2030, and bear interest payable quarterly. The net proceeds from the offering, after deducting initial purchasers’ discount and estimated expenses, amounted to approximately US$344.8 million.
The company intends to use the net proceeds from this offering for the repayment and/or repurchase of existing debt securities and for general corporate purposes. This financing move is designed to optimize iQIYI's capital structure and enhance its financial flexibility.
Concurrently with the offering, iQIYI entered into separate, privately negotiated agreements with certain holders to repurchase approximately US$300 million principal amount of its existing convertible senior notes in cash. The successful closing of both the offering and the repurchase demonstrates iQIYI's proactive approach to debt management.
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