By Ken Wu and Yantoltra Nagui
Hong Kong (Reuters) -Chin video streaming platform Iqiyi on Thursday offered a $ 300 million convertible bonds, according to a term sheet reviewed by Reuters on Thursday.
The unsafe senior note, which has five years of maturity, pays a coupon of 4.25% to 4.75% in a year, payable in the quarter.
Iqiyi will use income to repay or repay the existing loan securities and for general corporate purposes.
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Bank of America, Morgan Stanley and JP Morgan are the joint bouakrner of the deal, the term sheet showed.
After the release of bonds, Chinese have jumped into technical shares in recent weeks, which is amidst the optimism of Deepsek AI success and a clinging of officials outlook for internet veterans.
This year IQIYI has increased by about 20%. LSEG data showed that its shares closed at $ 2.42 APP with $ 2.42 on Wednesday.
According to its annual report on Tuesday, the total revenue of the company for 2024 declined from year to 29.2 billion yuan, while its net profit fell by about 60% to 764 million yuan.
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