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Notes Payable | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Notes Payable | 11. NOTES PAYABLE On November 28, 2012, the Company issued and sold two tranches of unsecured senior notes: (i) an aggregate principal amount of US$750.00 million which will mature on November 28, 2017 (the “2017 Notes”), and (ii) an aggregate principal amount of US$750.00 million which will mature on November 28, 2022 (the “2022 Notes”). On August 6, 2013, the Company issued and publicly sold another tranche of unsecured senior notes with an aggregate principal amount of US$1.00 billion which will mature on August 6, 2018 (the “2018 Notes”). On June 9, 2014, the Company issued and publicly sold the fourth tranche of unsecured senior notes with an aggregate principal amount of US$1.00 billion which will mature on June 9, 2019 (the “2019 Notes”). On June 30, 2015, the Company issued and publicly sold two tranches of unsecured senior notes: (i) an aggregate principal amount of US$750.00 million which will mature on June 30, 2020 (the “2020 Notes”), and (ii) an aggregate principal amount of US$500.00 million which will mature on June 30, 2025 (the “2025 Notes”).The 2017 Notes, 2018 Notes, 2019 Notes, 2020 Notes, 2022 Notes and 2025 Notes are collectively referred to as the “Notes”. The 2017 Notes bear interest at the rate of 2.25% per annum and the 2022 Notes bear interest at the rate of 3.50% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on May 28, 2013. The 2018 Notes bear interest at the rate of 3.25% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on February 6, 2014. The 2019 Notes bear interest at the rate of 2.75% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on December 9, 2014. The 2020 Notes bear interest at the rate of 3.00% per annum and the 2025 Notes bear interest at the rate of 4.13% per annum. Interest is payable semi-annually in arrears on and of each year, beginning on December 30, 2015. At maturity, the Notes are payable at their principal amount plus accrued and unpaid interest thereon. The net proceeds from the Notes, which will be used for general corporate purposes, were RMB6.19 billion, RMB7.75 billion and nil for the years ended December 31, 2014, 2015 and 2016, respectively. The Notes do not contain any financial covenants or other significant restrictions. In addition, the Notes are unsecured and rank lower than any secured obligation of the Group and have the same liquidation priority as any other unsecured liabilities of the Group, but senior to those expressly subordinated obligations, if any. The Company may, at its discretion, redeem all or any portion of the Notes at any time, at the principal amount plus any unpaid interest. As of December 31, 2016, the Company does not intend to redeem any portion of the Notes prior to the stated maturity dates. The Company has the obligation to redeem the Notes if a change in control occurs as defined in the indenture of the Notes. The Notes were issued at a discount amounting to RMB 74.36 million (US$ 10.71 million). The issuance costs of RMB 149.59 million (US$ 21.55 million) were presented as a direct deduction from the principal amount of the Notes on the consolidated balance sheets. Both the discount and the issuance costs are amortized as interest expense using the effective interest rate method through the maturity dates of the Notes. The effective interest rate was 2.36%, 3.39%, 3.00%, 3.13%, 3.59% and 4.22% for the 2017 Notes, the 2018 Notes, the 2019 Notes, the 2020 Notes, the 2022 Notes and the 2025 Notes, respectively. The principal amount and unamortized discount and debt issuance costs as of December 31, 2015 and 2016 were as follows:
|  | As of December 31, |
|  | 2015 |  |  | 2016 |  |  | 2016 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In thousands) |
Principal amount |  |  | 30,869,300 |  |  |  | 32,987,800 |  |  |  | 4,751,231 |
Unamortized discount and debt issuance costs |  |  | (167,184 | ) |  |  | (136,008 | ) |  |  | (19,589 | )
|  |  | 30,702,116 |  |  |  | 32,851,792 |  |  |  | 4,731,642 |
The following table summarizes the aggregate required repayments of the principal amounts of the Company’s long-term debts, including the notes payable and loans payable (Note 10), in the succeeding five years and thereafter:
|  | RMB |  |  | US$ |
|  | (In thousands) |
For the years ending December 31, |  |  |  |
2017 |  |  | 8,678,750 |  |  |  | 1,250,000 |
2018 |  |  | 6,943,000 |  |  |  | 1,000,000 |
2019 |  |  | 6,943,000 |  |  |  | 1,000,000 |
2020 |  |  | 5,207,250 |  |  |  | 750,000 |
2021 |  |  | 6,943,000 |  |  |  | 1,000,000 |
Thereafter |  |  | 8,678,750 |  |  |  | 1,250,000 |

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- Definition The entire disclosure for information about notes payable, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References No definition available. + Details
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- References No definition available. + Details
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