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Baidu prices offshore senior notes offering at $1.38 billion

BY Reuters | CORPORATE | 03/05/25 06:54 PM EST

March 6 (Reuters) - Baidu (BIDU) on Thursday priced its yuan-denominated offshore offering of senior unsecured notes at 10 billion yuan ($1.38 billion), which were offered to non-U.S. individuals in transactions conducted outside of the United States.

The Chinese technology firm's offering comprises 7.5 billion yuan of 2.70% notes due in 2030, and 2.5 billion yuan of 3.00% notes due in 2035.

Baidu (BIDU) said it plans to use the proceeds from the offering, which it announced on March 5, for general corporate purposes which may include repaying certain existing debts, paying interest, and other corporate needs.

The official closure of this offering is expected on or about March 12, contingent on the satisfaction of customary closing conditions.

The notes are expected to be listed on the Hong Kong Stock Exchange, Baidu (BIDU) said.

($1 = 7.2506 Chinese yuan renminbi) (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Varun H K)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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