Baidu Seeks $2 Billion in Bonds Exchangeable Into Trip.com Shares
- The deal follows a recent rally in Chinese tech stocks
- The exchangeable bonds are due in 2032 with zero coupon
The Baidu World event in Shanghai.
Photographer: Raul Ariano/BloombergThis article is for subscribers only.
Chinese technology firm Baidu Inc. raised $2 billion in a sale of bonds exchangeable into the Hong Kong shares of online-travel agency Trip.com Group Ltd., matching the biggest ever dollar offering in the format by an Asian issuer.
The exchangeable bonds are due in 2032, Baidu said in a statement Friday. The Beijing-based search engine operator said it plans to use proceeds from the offering to repay debt, pay interest and spend on general corporate purposes.