By Rebecca Melvin
New York, Dec. 4 – Baidu Inc. priced a $250 million add-on to its 4 3/8% senior notes due May 14, 2024 (A3//A) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The new notes priced at 99.725 to yield 4.432%, or 162.5 basis points over U.S. Treasuries. Baidu’s original $600 million of 4 3/8% notes priced on Nov. 9 at 99.802 to yield 4.416%.
The bonds have a make-whole call at Treasuries plus 20 bps.
Holders will have a put option at 101 upon the occurrence of certain triggers.
Goldman Sachs (Asia) LLC and J.P. Morgan Securities LLC are joint bookrunners for the SEC-registered deal.
Proceeds from the notes will go toward repaying existing debt and for general corporate purposes.
Baidu is a Beijing-based web services company.
| Issuer: | Baidu Inc.
|
| Amount: | $250 million add-on
|
| Maturity: | May 14, 2024
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs (Asia), LCC and J.P. Morgan Securities LLC
|
| Coupon: | 4 3/8%
|
| Price: | 99.725
|
| Yield: | 4.432%
|
| Spread: | Treasuries plus 162.5 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps
|
| Put: | At 101 upon certain triggers
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 10
|
| Ratings: | Moody's: A3
|
| Fitch: A
|
| Distribution: | SEC registered
|
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