Bilibili inc. announces proposed notes repurchases and equity offering

Shanghai, china, jan. 09, 2023 (globe newswire) -- bilibili inc. (nasdaq: bili and hkex: 9626) (“bilibili” or the “company”), an iconic brand and a leading video community for young generations in china, today announced that it commenced an underwritten offering of 15,344,000 american depositary shares (the “adss”), each representing one class z ordinary share, par value us$0.0001 per share, of the company (the “ads offering”). the company proposes to issue the adss partially in exchange for (the “notes exchange”) an aggregate principal amount of at least us$269.3 million of its outstanding 0.50% convertible senior notes due december 2026 (the “exchange notes”) to be purchased by goldman sachs (asia) l.l.c. (“goldman sachs”) and its applicable affiliate(s) from certain holders of the exchange notes through private negotiations. such adss are being registered by the company in connection with the offers and sales of such adss by goldman sachs, who is acting as the sole book-running manager for the ads offering. the net proceeds of the ads offering will be used, as a part of the company's comprehensive liability management exercise, (i) by goldman sachs to fund the aggregate purchase price of the exchange notes payable by goldman sachs to the holders of such exchange notes, and (ii) to the extent there is any excess, by the company to replenish the company's cash reserve after its repurchases of certain convertible senior notes in the fourth quarter of 2022 and for other working capital purposes.
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