China's iQIYI launches $300 million convertible bond, term sheet shows (updated)

IQIYI

20/02/2025 08:53

(Adds details of the deal from the second paragraph)
    By Kane Wu and Yantoultra Ngui
       HONG KONG, Feb 20 (Reuters) - Chinese video streaming
platform iQIYI  IQ.O  has launched a $300 million convertible
bond offering, showed a term sheet reviewed by Reuters on
Thursday.
    The unsecured senior notes, which have a maturity of five
years, pay a coupon of 4.25% to 4.75% a year, payable quarterly,
the term sheet showed.
    iQiyi will use the proceeds for the repayment or repurchase
of existing debt securities and for general corporate purposes.
    Bank of America, Morgan Stanley and JPMorgan are joint
bookrunners of the deal, the term sheet showed.

 (Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in
Singapore; Editing by Christopher Cushing)
 ((Yantoultra.Ngui@thomsonreuters.com;))