Bilibili prices note repurchases, equity offering

Bilibili announced the pricing of the offering of 15,344,000 American depositary shares, each representing one Class Z ordinary share, par value US$0.0001 per share, of the Company at US$26.65 per ADS. The Company entered into an equity underwriting and notes exchange agreement with Goldman Sachs dated January 9, 2023 in relation to the Company’s issuance of ADSs partially in exchange for an aggregate principal amount of US$384.8 million of its outstanding 0.50% convertible senior notes due December 2026 purchased by Goldman Sachs and its applicable affiliate from the holders of such Exchange Notes in privately negotiated transactions. The net proceeds of the ADS Offering will be used, as a part of the Company’s comprehensive liability management exercise, 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 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. Concurrently with the ADS Offering, Goldman Sachs and its applicable affiliate, as duly engaged and authorized by the Company, entered into separate and individually negotiated agreements with certain holders of the Exchange Notes to purchase the Exchange Notes from such holders for cash. The Notes Purchase will be funded by the net proceeds from the ADS Offering. The closing of each Notes Exchange and Notes Purchase is contingent upon, among other things, the closing of the ADS Offering.