Bilibili talks $650 million seven-year convertible notes to yield 0.75%-1.25%, up 32.5%-37.5%

By Abigail W. Adams

Portland, Me., May 27 – Bilibili Inc. plans to price $650 million of seven-year convertible notes after the market close on Thursday with price talk for a coupon of 0.75% to 1.25% and an initial conversion premium of 32.5% to 37.5%, according to a market source.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and BofA Securities Inc. are bookrunners for the Rule 144A and Regulation S offering, which carries a greenshoe of $100 million.

The notes are non-callable. They are putable on June 15, 2023 and June 15, 2025.

There is dividend and takeover protection.

Conversion of the notes will be settled in American Depositary Shares with cash to be paid in lieu of fractional shares.

Proceeds will be used to enrich content, for research and development and for general corporate purposes.

Bilibili is a Shanghai-based online entertainment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.