Alibaba Issues Record $4.5 Billion Convertibles to Fund Buybacks
Bloomberg reports that company to immediately repurchase 14.8 million of its ADRs. Move is to obtain cash offshore on favorable terms.
Alibaba Group Holding Ltd. sold $4.5 billion worth of convertible bonds, a record dollar-denominated sale by an Asian company, securing capital needed to buy back shares and invest in businesses including artificial intelligence. The Chinese e-commerce pioneer priced the notes due 2031 with a coupon of 0.5% and a conversion premium of 30%. The deal was about six times oversubscribed,... ...
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