10:29 AM EST, 02/20/2025 (MT Newswires) -- iQIYI (IQ) said Thursday it has priced an upsized offering of $350 million of 4.625% convertible senior notes due 2030.

The net proceeds of the offering amounted to about $344.8 million, which will be used to repay and/or repurchase debt and for general corporate purposes, the China-based provider of online video services said.

The offering is expected to close on or about Feb. 24, iQIYI said.

The company also said that right after it priced the notes, it entered into agreements for the repurchase of about $300 million of its existing convertible senior notes.

Shares were down over 9% in recent Thursday trading.

Price: 2.20, Change: -0.23, Percent Change: -9.30