10:00 AM EST, 02/24/2025 (MT Newswires) -- iQIYI (IQ) said Monday it has closed its $350 million offering of 4.625% convertible senior notes due 2030.

The company said the net proceeds were about $344.8 million, which it will use to repay and/or repurchase existing debt securities and for general corporate purposes.

The company added it also closed the concurrent repurchase of about $300 million of its existing convertible senior notes.

Shares of iQIYI were down 6% in recent trading.

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