BUZZ-Bilibili falls on planned $500 million convertible bond offering

Reuters
05-21
BUZZ-Bilibili falls on planned $500 million convertible bond offering

** U.S.-listed shares of Chinese video streaming platform Bilibili BILI.O fall 1.2% to $17.94 premarket

** BILI announces proposed offering of $500 million 5-year convertible bonds

** Proceeds will be used to boost user growth, IP asset creation, and other purposes

** Concurrently with the bonds offering, certain number of BILI's Class Z ordinary shares will be borrowed from third parties and offered in a separate underwritten offering by Goldman Sachs and Morgan Stanley

** BILI intends to purchase up to $100 million of its Class Z ordinary shares in the concurrent offering

** 24 of 29 brokerages rate the stock "buy" or higher and 5 "hold"; median PT $25 - data compiled by LSEG

** As of last close, BILI stock flat YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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