Bilibili Inc. (BILI), a leading Chinese video platform for younger audiences, has announced a $500 million convertible senior notes offering due in 2030, subject to market conditions.
Alongside this, the company is launching a separate underwritten offering of its Class Z ordinary shares, known as the Concurrent Delta Offering. An additional $75 million in notes may also be issued if the underwriters exercise their purchase option within 30 days.
Proceeds from the notes will be used to strengthen Bilibili's content ecosystem, drive user and IP growth, improve monetization, and support future share repurchases and other corporate needs. The company will also use part of the proceeds to repurchase up to $100 million of its own Class Z shares through the Concurrent Repurchase, with repurchased shares to be cancelled—demonstrating confidence in its long-term growth.
To facilitate hedging by convertible arbitrage investors, the Delta Offering involves borrowing Class Z shares from third parties. These shares will be offered by underwriters Goldman Sachs and Morgan Stanley, who are also entering into related derivative transactions. No new shares will be issued, and Bilibili will not receive any proceeds from the share offering. The Notes Offering and the Concurrent Delta Offering are interdependent.
Bilibili has filed an automatic shelf registration with the SEC, and both offerings will proceed only under applicable prospectuses. There is no assurance that either transaction will be completed.
BILI is currently trading at $18.13, or 0.14% lower on the NASDAQ Global Select Market.
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