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Baidu's iQiyi Video Site Plans Convertible Bond Sale

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iQiyi Inc. is seeking to raise $500 million in a convertible bond sale, as the loss-making Chinese streaming site aims to replenish its coffers amid fierce competition in the online video industry.

The company, backed by Chinese search giant Baidu Inc., is offering the five-year securities with a 3.25 percent to 3.75 percent coupon, according to terms for the deal obtained by Bloomberg. The bonds have a 40 percent to 45 percent conversion premium, the terms show.