Baidu Offers $950 Million in Bonds

The new capital will be used to repay debt, the Chinese search engine company said.
Benjamin WangOct 06,2020,22:24

Baidu Inc. (Nasdaq: BIDU) seeks to raise $950 million in a public notes offering.

China's top search engine said in a statement after markets closed that $650 million in the offering will consist of 1.720% notes due 2026 and $300 million of 2.38% notes will mature in 10 years.

Baidu expects to use the new capital to repay certain debt, it said.

Goldman Sachs (Asia) L.L.C., BofA Securities Inc., and J.P. Morgan Securities LLC. are securing the deal.

The Chinese giant has been undergoing some difficulties lately. Last week, various media reported that Youcai Shi, who headed Baidu’s Mobile Ecology Group, was detained on the suspected promotion of gambling platforms. So was Zhongjun Li, a top sales executive at Baidu, as well as a number of agents and clients allegedly involved.

Shares in Baidu Inc. closed Tuesday at $124.83 per American depositary share and inched 49 cents lower in after-hours trading.

Topics:Baidu; China; U.S.