IQIYI Expands Convertible Notes Offering To $350 Mln, Buys Back $300 Mln Convertible Notes

(RTTNews) - iQIYI, Inc. (IQ), Thursday announced the pricing of of its upsized offering of $350 million in aggregate principal amount of 4.625% convertible senior notes due 2030.

The notes will initially be convertible at a conversion rate of 64,819 the American Depositary Shares, per $200,000 principal amount of notes.

The proceeds will be utilized for the repayment and/or repurchase of existing debt securities as described below and general corporate purposes.

The offering is expected to close on or about February 24, 2025.

Concurrently, the company has entered into separate and individually privately negotiated agreements with certain holders to repurchase approximately $300 million principal amount of the existing notes.

Currently, iQIYI's stock is trading at $2.18, down 9.71 percent on the Nasdaq.