A Unique Opportunity for Bilibili Inc. Note Holders
SHANGHAI — Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI, HKEX: 9626), a leading video platform for young generations in China, is rolling out an exciting opportunity for holders of its 0.50% Convertible Senior Notes due in 2026. This opportunity allows noteholders to require the Company to repurchase their notes for cash, making it an essential moment for those invested in these financial instruments.
Understanding the Repurchase Right
On December 1, 2024, holders will have the option to sell their notes back to Bilibili at their principal value, plus any accrued interest. The ability to exercise this repurchase right opens from 12:01 a.m., New York City time, on October 29, 2024, up until 5:00 p.m. on November 27, 2024. This window allows for informed decisions as the market fluctuates.
Key Details of the Convertible Senior Notes
The Convertible Senior Notes have a defined structure under the Indenture, which was established on November 23, 2021, between Bilibili and Deutsche Bank Trust Company Americas, the trustee. Each noteholder can request the repurchase of their notes in amounts that are multiples of US$1,000, which is pertinent for those looking to maximize their returns.
What Happens on the Repurchase Date?
The repurchase price will be set at 100% of the principal amount of the notes tendered, alongside accrued unpaid interest up to December 1, 2024. Since this date falls on a Sunday, the transactions will officially process on the following business day, December 2, 2024. Bilibili remains committed to ensuring that all noteholders who submit their requests will receive their payments on time, along with any interest accrued to November 29, 2024.
How to Exercise the Repurchase Right
To take advantage of this repurchase opportunity, holders must strictly follow the procedures outlined in the Company’s Repurchase Right Notice. This document is available through the Depository Trust Company and the paying agent, Deutsche Bank Trust Company Americas. Additional flexibility allows noteholders to withdraw their tendered notes at any point before the close of business on November 27, ensuring they maintain control over their investments.
Clarifications from Bilibili Inc.
Bilibili emphasizes that this notification serves purely informational purposes. The Company is not soliciting offers to purchase or sell the notes; any purchases will strictly occur according to the specifics mentioned in the Repurchase Right Notice and accompanying documents. Stakeholders should refer directly to these materials to grasp the complete repurchase procedures.
Contact Information for Inquiries
For further assistance and clarity regarding the repurchase mechanics, holders can reach out to Deutsche Bank Trust Company Americas. Those who wish to obtain the Repurchase Right Notice can request it directly from the paying agent. The contact details are as follows:
In China:
Bilibili Inc.
Juliet Yang
Tel: +86-21-2509-9255 Ext. 8523
Email: ir@bilibili.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: bilibili@tpg-ir.com
Frequently Asked Questions
What is the start date for exercising the repurchase right?
The exercising period starts on October 29, 2024.
What is the repurchase deadline for noteholders?
Holders can exercise their rights until November 27, 2024, at 5:00 p.m., New York City time.
How is the repurchase price calculated?
The price will be 100% of the principal amount of the notes plus any accrued unpaid interest.
Who should I contact for more details about the offer?
You can reach out to Deutsche Bank Trust Company Americas or Bilibili’s investor relations for further inquiries.
Will there be any interest accrued if my repurchase request is delayed?
There will be no interest accrued for any delays pertaining to the repurchase date.
