Baidu proposes CNY-denominated senior notes offering

Baidu Inc. (NASDAQ: BIDU, HKEX: 9888) announced it proposes to offer CNY-denominated senior unsecured notes in offshore transactions outside the United States to non-U.S. persons, according to a company statement.

The offering will rely on Regulation S under the United States Securities Act of 1933 and is subject to market conditions and other factors. The principal amount, interest rates, maturity dates and other terms will be determined at pricing.

The company intends to use net proceeds for general corporate purposes, including repayment of certain existing indebtedness, payment of interest and general corporate purposes.

The notes will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from registration requirements.

The announcement states there can be no assurance that the notes offering will be completed.

Baidu trades on Nasdaq under "BIDU" and the Hong Kong Stock Exchange under "9888," with one American Depositary Share representing eight Class A ordinary shares.

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