The US-dollar denominated notes will not pay any interest but will allow bondholders to exchange the notes into US-listed shares of Alibaba. Upon exchange, Alibaba can opt for payment in shares, cash, or a combination of both.
Alibaba, which owns the South China Morning Post, planned to use the proceeds to boost its cloud business and international commerce operations, the filing said.
“Specifically, the allocation will include approximately 80 per cent directed towards enhancing its cloud infrastructure, which encompasses scaling up data centres, upgrading technology, and improving services to meet growing demand,” Alibaba said.
“The remaining 20 per cent will be invested in expanding international commerce operations, focusing on operational investments that will enable the company to enhance its market presence and efficiency.”
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