China's iQIYI launches $300 million convertible bond, term sheet shows

Published: 2025-02-20 03:58:03 ET IQ

HONG KONG (Reuters) - Chinese video streaming platform iQIYI has launched a $300 million convertible bond offering, showed a term sheet reviewed by Reuters on Thursday.

The unsecured senior notes, which have a maturity of five years, pay a coupon of 4.25% to 4.75% a year, payable quarterly, the term sheet showed.

iQiyi will use the proceeds for the repayment or repurchase of existing debt securities and for general corporate purposes.

Bank of America, Morgan Stanley and JPMorgan are joint bookrunners of the deal, the term sheet showed.

(Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in Singapore; Editing by Christopher Cushing)

By Kane Wu and Yantoultra Ngui