Baidu issues 4.4 bn yuan senior notes due 2029

Baidu, Inc. is issuing 4,400,000,000 yuan in 1.90% senior notes due March 15, 2029, at an issue price of 100.00%. Interest on these notes will accrue from September 15, 2025, and will be payable semi-annually, starting March 15, 2026. The notes will be issued in denominations of 1,000,000 yuan and integral multiples of 10,000 yuan in excess thereof.

The net proceeds from this offering, estimated at approximately 4,395 million yuan after deducting fees and expenses, are intended for general corporate purposes, including the repayment of existing indebtedness and payment of interest. As of December 31, 2024, Baidu's total debt was 71,048 million yuan, and total equity was 273,742 million yuan. Following this offering, the adjusted total debt will rise to 75,448 million yuan.

The notes are senior unsecured obligations of Baidu, Inc. and will rank equally with other unsecured, unsubordinated obligations. Application will be made for listing on the Hong Kong Stock Exchange for professional investors only. Moody's is expected to rate the notes A3.