阿里巴巴-W 启动未到期优先票据的交换要约

According to the Zhitong Finance APP, Alibaba-W (09988) announced that the company has initiated an exchange offer for (i) up to $1 billion in principal amount of 4.875% senior notes due 2030, (ii) up to $1.15 billion in principal amount of 5.250% senior notes due 2035, and (iii) up to $500 million in principal amount of 5.625% senior notes due 2054 (collectively referred to as the "Exchange Notes"). These notes have been registered under the Securities Act of 1933, as amended, in exchange for an equal principal amount of outstanding 4.875% senior notes due 2030, 5.250% senior notes due 2035, and 5.625% senior notes due 2054 (collectively referred to as the "Outstanding Notes"), which were issued in a transaction exempt from registration under the Securities Act in November 2024.

The exchange offer is made to fulfill the company's obligations under the registration rights agreement signed on November 26, 2024, regarding the placement of the Outstanding Notes, and the exchange offer does not represent a new financing transaction. The company will not receive any proceeds from the exchange offer.

The terms of the Exchange Notes are substantially the same as those of the Outstanding Notes, but the Exchange Notes will not contain provisions regarding transfer restrictions, registration rights, and additional interest arising from non-compliance with the obligations in the registration rights agreement. The Outstanding Notes that are not exchanged in the exchange offer will continue to be subject to existing transfer restrictions.

The exchange offer will be valid until 5:00 PM New York City time on October 2, 2025, unless the company extends it. Bids for the Outstanding Notes must be validly submitted by the expiration time and may be withdrawn at any time before the expiration time. The terms of the exchange offer are set forth in the offering memorandum submitted to the U.S. Securities and Exchange Commission dated September 4, 2025