Bilibili Inc. Announces Repurchase Right for Convertible Senior Notes
SHANGHAI — Bilibili Inc. (Nasdaq: BILI, HKEX: 9626), a prominent online video community for younger audiences in China, is informing its 1.25% Convertible Senior Notes holders about their rights to repurchase their notes. This notification is crucial for investors considering their options ahead of the upcoming repurchase date, allowing them to make informed decisions.
Details on the 2025 Repurchase Right
According to the Indenture, dated June 2, 2020, holders of the Notes have the right to request the Company to repurchase part or all of their Notes by June 15, 2025. Each noteholder can require the company to repurchase any integral multiples of US$1,000 principal amount. The repurchase right opens from May 14, 2025, at 12:01 a.m. New York City time, to June 12, 2025, at 5:00 p.m. New York City time.
Accessing the Repurchase Right Notice
Documentation detailing the terms and procedures to exercise the 2025 Repurchase Right, including the 2025 Repurchase Right Notice, will be provided through the Depository Trust Company (DTC) and Deutsche Bank Trust Company Americas, which acts as the paying agent. It is essential that each holder of the Notes evaluates their options regarding the repurchase right independently, without relying on recommendations from the company’s directors or employees.
Understanding the Repurchase Process
The stipulations under the repurchase right allow each eligible bondholder the option to sell their bonds back to the Company for cash at 100% of the principal value, plus any accrued interest until June 15, 2025. Notably, if June 15 is not a business day, actions can be taken on the next business day, June 16, 2025, ensuring that holders will receive interest accrued up until June 14.
Steps to Exercise the Repurchase Right
To manage the repurchase rights, noteholders must engage in the following processes:
- Contact the nominee or broker through which the Notes are held, instructing them to exercise the right via DTC’s Automated Tender Offer Program (ATOP) before the expiration time.
- Direct participants holding their Notes through DTC accounts must surrender their Notes electronically via ATOP.”
In cases where a noteholder receives physical certificates for their Notes, they will have to complete a 2025 Repurchase Notice, ensuring all required endorsements and a guaranteed signature are included before sending it to the Paying Agent before the deadline.
Important Considerations for Holders
Noteholders should also know that they retain the right to withdraw their requests to exercise the 2025 Repurchase Right prior to the Repurchase Expiration Time. This flexibility permits holders to reassess their decisions as needed. Please remember that conversion requests are subject to restrictions, ensuring clarity on the options available.
Final Remarks and Contact Information
For any inquiries regarding the notice or the associated procedures, holders can reach out to Deutsche Bank Trust Company Americas directly. They are encouraged to read the company’s Repurchase Right Notice as it contains significant details for Bilibili Inc.’s operations and the upcoming repurchase rights.
About Bilibili Inc.
Bilibili stands as a key player in China's video community landscape, dedicated to enhancing the lives of young users with captivating content. They provide a platform enriched with community-driven experiences, uniting passionate creators and their audiences through features like bullet chatting, transforming the viewing experience into an interactive and engaging event. Their mission revolves around fostering creativity and cultural exchange, establishing itself as the go-to hub for diverse interests.
Frequently Asked Questions
What is the purpose of the 2025 Repurchase Right?
The 2025 Repurchase Right allows bondholders to sell back their convertible senior notes to Bilibili Inc. for cash, giving them liquidity options.
When can noteholders exercise their repurchase rights?
Holders can exercise their repurchase rights from May 14, 2025, to June 12, 2025, until 5:00 p.m. New York City time.
What is the interest payment date regarding this notice?
The interest payment date is set for June 15, 2025. However, if it's not a business day, payments will be processed on June 16, 2025.
How do noteholders initiate the repurchase process?
They must follow the instructions provided in the documentation from the Paying Agent and potentially work through their brokers or DTC accounts.
Who should bondholders contact for questions?
Holders should direct their inquiries to Deutsche Bank Trust Company Americas for assistance regarding the repurchase procedures and further details.
