Bilibili announced plans to offer $700 million in aggregate principal amount of convertible senior notes due 2031. Tencent has agreed to purchase $200 million of the notes, with the remaining $500 million offered to other investors. The company expects to use about $100 million to repurchase a portion of borrowed Class Z ordinary shares from a concurrent delta offering, and $200 million to repurchase existing Class Z ordinary shares held by Tencent. Proceeds will also fund AI capabilities and general corporate purposes. Bilibili shares fell 3.3% in premarket trading.
Bilibili IncBilibili announces $700M convertible notes offering, diluting shares and causing premarket drop.
Tencent Holdings LtdTencent purchases $200M of Bilibili's convertible notes, providing capital and showing support.
