Baidu Raises $1B Via Debt Offering

Baidu Inc BIDU priced $300 million of 1.625% notes due 2027 and $700 million of 2.375% notes due 2031 in a public offering, for estimated net proceeds of $0.99 billion.
The proceeds will serve general corporate purposes, including debt repayment. Additionally, Baidu will use it to partly or wholly finance or refinance its existing Eligible Projects under its Sustainable Finance Framework.
Baidu just announced the mass production of its second-generation artificial intelligence chip, robocar's debut, and a rebranded driverless taxi app at the annual Baidu World Conference.
Baidu held $11.4 billion in long-term debt as of Jun. 30.
The stock has lost 33.9% year-to-date. China's growing scrutiny on tech companies, including the new internet regulations, was a blow to the industry.
Price Action: BIDU shares traded lower by 2.59% at $139.26 in the premarket session on the last check Thursday.