iQIYI Announces the Closing of Its Offering of US$350 Million Convertible Senior Notes due 2030 and Concurrent Repurchase of Approximately US$300 Million Existing Convertible Senior Notes

BEIJING, Feb. 24, 2025 (GLOBE NEWSWIRE) -- iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced the closing of its offering (the “Notes Offering”) of US$350 million in aggregate principal amount of 4.625% convertible senior notes due 2030 (the “Notes”). The Notes bear interest at a rate of 4.625% per year, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2025. The Notes will mature on March 15, 2030, unless repurchased, redeemed or converted in accordance with the terms of the Notes prior to such date. The net proceeds of the Notes Offering (after deducting the initial purchasers’ discount, taking into account the estimated reimbursement from the initial purchasers for certain expenses incurred by the Company in connection with the Notes Offering, but without deducting other estimated offering expenses payable by the Company) amounted to approximately US$344.8 million. The Company intends to use the net proceeds from the Notes Offering for the repayment and/or repurchase of existing debt securities as described below and for general corporate purposes.