BRIEF: Baidu to issue yuan-denominated notes

9888.HK
BIDU.US

Chinese internet giant Baidu Inc. (9888.HK, BIDU.US) said on Monday it plans to offer yuan-denominated unsecured senior notes in offshore transactions outside the U.S. The company plans to use proceeds from the offering for debt repayment, interest payments and general corporate purposes.

Baidu said terms for the notes, including principal amounts, coupon rates, maturity dates and additional provisions, will be finalized upon pricing, contingent on market conditions and other factors.

The company reported second quarter revenue of 32.7 billion yuan ($4.57 billion), down 4% year-over-year, though its profit for the period rose 33% to 7.32 billion yuan.

Baidu’s Hong Kong-listed stock opened up 2.8% at HK$99.70 on Monday. The shares are up more than 20% year-to-date.

By Lau Chi Hang

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