Baidu’s $950 Million Notes Offering

Davis Polk advised the underwriters on the offering.

Baidu, Inc. executed the offering of its $650 million 1.720% notes due 2026 and $300 million 2.375% notes due 2030.

The Company expects to receive net proceeds from the offering of approximately US$945 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering to repay certain existing indebtedness.

The joint bookrunners of the offering are Goldman Sachs (Asia) L.L.C., BofA Securities, Inc. and J.P. Morgan Securities LLC.

Baidu, Inc. is a leading search engine, knowledge and information centered Internet platform and AI company. Baidu’s ADSs currently trade on the Nasdaq Global Select Market.

The Davis Polk corporate team advising the underwriters included partners James C. Lin (Picture) and Gerhard Radtke and registered foreign lawyer Jennifer (Yujia) Jiang and Marcus Tan. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice.

Involved fees earner: Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Jennifer Jiang – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Gerhard Radtke – Davis Polk & Wardwell; Marcus Tan – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Goldman Sachs (Asia) L.L.C.; J.P. Morgan Securities LLC;

Author: Michael Patrini