Bilibili announces repurchase right notification for senior notes

Bilibili (BILI) is notifying holders of its 1.25% Convertible Senior Notes due 2027 that, pursuant to the Indenture dated as of June 2, 2020 relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has the right, at the option of such holder, to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of $1,000 principal amount for cash on June 15, 2025. Holders of the Notes may exercise the 2025 Repurchase Right from 12:01 a.m., New York City time, on Wednesday, May 14, 2025 until 5:00 p.m., New York City time, on Thursday, June 12, 2025. Documents specifying the terms, conditions, and procedures for exercising the 2025 Repurchase Right, including the Company’s 2025 Repurchase Right Notice to holders dated May 13, 2025 will be available through the Depository Trust Company and the paying agent, which is Deutsche Bank Trust Company Americas. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the 2025 Repurchase Right. Each holder of the Notes must make its own decision whether to exercise the 2025 Repurchase Right with respect to such holder’s Notes and, if so, the principal amount of Notes for which the 2025 Repurchase Right should be exercised. The 2025 Repurchase Right entitles each holder of the Notes to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an integral multiple of $1,000 principal amount. The repurchase price for such Notes will be an amount in cash equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, June 15, 2025, which is the date specified for repurchase in the Indenture, subject to the terms and conditions of the Indenture and the Notes. The 2025 Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. As June 15, 2025 is not a Business Day, pursuant to the terms of the Indenture, any action to be taken on the 2025 Repurchase Date may be taken on Monday, June 16, 2025, being the next succeeding Business Day with the same force and effect as if taken on the 2025 Repurchase Date with no interest accrued in respect of such delay. Accordingly, on Monday, June 16, 2025, the Company will pay accrued and unpaid interest on all of the Notes through June 14, 2025 to all holders who were holders of record as of close of business on June 1, 2025, regardless of whether the 2025 Repurchase Right is exercised with respect to such Notes. As a result, on the 2025 Repurchase Date, there will be no accrued and unpaid interest on the Notes. As of May 13, 2025, there was $92,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the 2025 Repurchase Right, the aggregate cash purchase price will be $92,000.