Photo: Reuters
Chinese tech company Baidu Inc. is offering up to $2 billion in bonds that can be exchanged for shares of the online travel company Trip.com Group Ltd., which is listed in Hong Kong.
These bonds, due to mature in 2032, were announced in a statement from Baidu on Friday. The company, based in Beijing, plans to use the money raised from this bond offering to pay off debt, cover interest costs, and spend on general business needs.
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Baidu, which is well known for its search engine, has a significant investment in Trip.com, owning a 10.7% stake in the travel company.
The bonds will not offer any interest (0% coupon), according to the deal details shared with reports.
Big banks such as JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc., and Bank of America Corp. are helping to arrange the bond deal.
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