Alibaba raises $4.5B through convertible bond sale for stock buybacks and ADR repurchases.
Alibaba has raised $4.5 billion through a convertible bond sale, one of the largest recent offerings. The proceeds will be used to fund stock buybacks, with the company planning to repurchase 14.8 million ADRs. The seven-year notes were priced with a coupon of 0.5% and a conversion premium of 30%, and were multiple times oversubscribed, with global demand from investors.
May 23, 2024
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