iQIYI announces repurchase right for convertible notes due 2028

iQIYI Inc. (NASDAQ: IQ) announced that holders of its 6.50% Convertible Senior Notes due 2028 have the right to require the company to repurchase their notes for cash on March 16, 2026. The repurchase right period runs from 9:00 a.m. Eastern Time on February 10, 2026, through 5:00 p.m. Eastern Time on March 12, 2026.

The repurchase right allows holders to require iQIYI to buy back all or any portion of their notes in integral multiples of $200,000 principal amount. The repurchase price equals 100% of the principal amount plus accrued and unpaid interest through March 16, 2026. As of February 9, 2026, $208.06 million in aggregate principal amount of the notes remained outstanding.

The Beijing-based online entertainment video services provider stated that if all outstanding notes are surrendered for repurchase, the aggregate cash purchase price would be approximately $208.06 million. Holders may withdraw previously tendered notes at any time before 5:00 p.m. Eastern Time on March 12, 2026.

The company will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission. Documents detailing the terms, conditions and procedures for exercising the repurchase right are available through the Depository Trust Company and paying agent Citibank N.A.

The repurchase right stems from the indenture dated March 7, 2023, between iQIYI and trustee Citicorp International Limited. The company stated it has made no recommendation to holders regarding whether to exercise the repurchase right.

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