Bilibili Inc. Announces Proposed Offering of US$650 Million Convertible Senior Notes

Nachrichtenquelle: globenewswire
27.05.2020, 22:05  |  154   |   |   

SHANGHAI, May 27, 2020 (GLOBE NEWSWIRE) -- Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI), a leading online entertainment platform for young generations in China, today announced a proposed offering (the “Notes Offering”) of US$650 million in aggregate principal amount of convertible senior notes due 2027 (the “Notes”) subject to market conditions and other factors. The Company intends to grant the initial purchasers in the Notes Offering a 30-day option to purchase up to an additional US$100 million in principal amount of the Notes. The Company plans to use the net proceeds from the Notes Offering for enriching content offerings, research and development, and other general corporate purposes.

When issued, the Notes will be senior, unsecured obligations of Bilibili. The Notes will be convertible into the Company’s American Depositary Shares (the “ADSs”) and will mature on June 15, 2027, unless repurchased, redeemed or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to their stated maturity date, unless certain tax-related events occur. Holders of the Notes may require the Company to repurchase all or part of their Notes in cash on June 15, 2023 and June 15, 2025, or in the event of certain fundamental changes. Holders may convert their Notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date. Upon conversion, the Company will cause to be delivered to such converting holders the ADSs, and pay cash in lieu of any fractional ADS. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes.

The Notes, the ADSs deliverable upon conversion of the Notes prior to the resale restriction termination date and the Class Z ordinary shares represented thereby have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or securities laws of any other places. They may not be offered or sold within the United States or to U.S. persons, except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.

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Bilibili Inc. Announces Proposed Offering of US$650 Million Convertible Senior Notes SHANGHAI, May 27, 2020 (GLOBE NEWSWIRE) - Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI), a leading online entertainment platform for young generations in China, today announced a proposed offering (the “Notes Offering”) of US$650 …

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