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Alibaba Group estimates that the net proceeds from the Notes Offering will be approximately US$4,436 million (or US$4,930 million if the initial purchasers' option is exercised in full), after deducting the initial purchasers' discounts and estimated expenses payable by the Company.
Alibaba Group intends to use the net proceeds from the Notes Offering to (i) repurchase approximately 14.8 million of its American depositary shares ("ADSs"), each currently representing eight ordinary shares, pursuant to its existing share repurchase program, concurrently with the pricing of the Notes Offering in privately negotiated transactions effected through one or more of the initial purchasers or their affiliates, as its agent, at a price per ADS equal to US$80.80, the last reported sale price per ADS on the NYSE on May 23, 2024 (the "Concurrent Repurchase"); (ii) fund further share repurchases, from time to time, under the Company's existing share repurchase program; and (iii) fund the US$573.75 million cost of entering into the capped call transactions described below.
When issued, the Notes will be general senior unsecured obligations of Alibaba Group. The Notes will mature on June 1, 2031, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. The Notes will bear interest at a rate of 0.50% per year, payable in arrears on June 1 and December 1, of each year, beginning on December 1, 2024.
Posted In: BABA
