Bilibili Inc. (BILI), Wednesday announced it has upsized its offering to issue $600 million of convertible senior notes due 2030, with an underwriters' option for an additional US$90 million.
The notes, bear 0.625 percent annual interest, paid semiannually, and carry an initial conversion rate of 42.1747 Class Z shares per $1,000 principal equivalent to a conversion price of HK$185.63 per share, a 27.1 percent premium to the May 21 closing price.
Bilibili intends to deploy net proceeds to enhance its content ecosystem, accelerate IP development, boost monetization efficiency, and support share repurchases, including a concurrent repurchase to hedge convertible arbitrage positions.
The notes are senior, unsecured obligations maturing June 1, 2030, and are convertible until seven days before maturity.
BILI is currently trading at $18.22, up $0.07 or 0.36 percent on the Nasdaq.
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