By Christine Van Dusen
Atlanta, Nov. 20 - China's Baidu Inc. priced $1.5 billion of five- and 10-year senior notes (A3//A) in a Securities and Exchange Commission-registered deal, a market source said.
The deal included $750 million 2¼% notes due 2017 that priced at 99.929 to yield Treasuries plus 160 basis points. The notes were talked at the Treasuries plus 175 bps area.
The second tranche - $750 million 3½% notes due 2022 - priced at 99.849 to yield Treasuries plus 185 bps. Talk was set at the Treasuries plus 200 bps area.
JPMorgan and Goldman Sachs were the bookrunners.
The notes include a make-whole call.
The proceeds will be used to retire $350 million of credit facility debt and for general corporate purposes.
Baidu is a Chinese-language internet search provider based in Beijing.
| Issuer: | Baidu Inc.
|
| Amount: | $1.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | JPMorgan, Goldman Sachs
|
| Call option: | Make-whole call
|
| Trade date: | Nov. 20
|
| Settlement date: | Nov. 28
|
| Ratings: | Moody's: A3
|
| Fitch: A
|
| Distribution: | Securities and Exchange Commission registered
|
|
|
| Notes due 2017
|
| Amount: | $750 million
|
| Maturity: | Nov. 28, 2017
|
| Coupon: | 2¼%
|
| Price: | 99.929
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | Treasuries plus 175 bps area
|
|
|
| Notes due 2022
|
| Amount: | $750 million
|
| Maturity: | Nov. 28, 2022
|
| Coupon: | 3½%
|
| Price: | 99.849
|
| Spread: | Treasuries plus 185 bps
|
| Price talk: | Treasuries plus 200 bps area
|
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