Bilibili (BILI) said Wednesday it priced a $600 million convertible notes offering and a concurrent share offering to support hedging by certain investors.

The company said it priced $600 million in convertible senior notes due 2030, with a 30-day option for an additional $90 million. In tandem, it priced an offering of about 10.3 million borrowed Class Z ordinary shares at 140.10 Hong Kong dollars ($17.89) each, Bilibili said.

The shares are being offered by Goldman Sachs and Morgan Stanley to facilitate hedging by investors using convertible arbitrage strategies, Bilibili said, adding that it will not issue new shares or receive proceeds from the share sale.

The company plans to use part of the proceeds from the notes sale to repurchase its shares, which will then be cancelled.

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