Baidu, Inc.

The Company issued and publicly sold unsecured senior notes,

and

the detail of the tranches are shown as flow:


	Issue date		Principal amount (US$ million)		Mature date		Effective interest rate
2017 Notes		November 28, 2012		750		November 28, 2017		2.36	%*
2022 Ten-year Notes		November 28, 2012		750		November 28, 2022		3.59	%
2018 Notes		August 6, 2013		1,000		August 6, 2018		3.39	%*
2019 Notes		June 9, 2014		1,000		June 9, 2019		3.00	%*
2020 Notes		June 30, 2015		750		June 30, 2020		3.13	%
2025 Notes		June 30, 2015		500		June 30, 2025		4.22	%
2022 Five-year Notes		July 6, 2017		900		July 6, 2022		3.08	%
2027 Notes		July 6, 2017		600		July 6, 2027		3.73	%
2023 Notes		March 29, 2018		1,000		September 29, 2023		3.99	%
2028 March Notes		March 29, 2018		500		March 29, 2028		4.50	%
2024 Notes		November 14, 2018		850		May 14, 2024		4.51%/ 4.54	%
2028 November Notes		November 14, 2018		400		November 14, 2028		4.99	%

*	2017 Notes, 2018 Notes and 2019 Notes were fully repaid when they became due.

The

2017 Notes,

2018 Notes, 2019 Notes, 2020 Notes, 2022

Ten-year

Notes, 2025 Notes, 2022 Five-year Notes, 2027 Notes, 2023 Notes, 2028 March Notes, 2024 Notes and 2028 November Notes are collectively referred to as the “Notes

”

The 2017 Notes bear interest at the rate of 2.25% per annum and the 2022

Ten-year

Notes bear interest at the rate of 3.50% per annum. Interest

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

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

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

payable semi-annually in arrears on and of each year, beginning on December 30, 2015.

The 2022 Five-year Notes bear interest at the rate of 2.88% per annum and the 2027 Notes bear interest at the rate of 3.63% per annum. Interest

payable semi-annually in arrears on and of each year, beginning on January 6, 2018.

The 2023 Notes bear interest at the rate of 3.88% per annum and the 2028 March Notes bear interest at the rate of 4.38% per annum. Interest

payable semi-annually in arrears on and of each year, beginning on September 29, 2018.

The 2024 Notes including US$600 million issued in November and US$250 million in December 2018, respectively, bear interest at the rate of 4.38% per annum and the 2028 November Notes bear interest at the rate of 4.88% per annum. Interest

payable semi-annually in arrears on and of each year, beginning on May 14, 2019.

At maturity, the Notes are payable at their principal amount plus accrued and unpaid interest thereon.

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 greater of the principal amount and the make whole amount plus accrued and unpaid interest. In addition, for

the

2023 Notes, 2028 March Notes, 2024 Notes

and

2028 November Notes, the Company may at its discretion, redeem all or any portion of the Notes at one or three months before the maturity date of

the

respective notes, at a price equal to the greater of 100% of the principal amount of such Notes plus accrued and unpaid interest, if any, to (but not including) the redemption date. As of December 31, 2019, the Company does not intend to redeem any portion of the Notes prior to the stated maturity dates. For certain

of the n

otes, the Company has the obligation to redeem the

otes if a change in control occurs as defined in the indenture of the Notes.

The unpaid Notes were issued at a discount amounting to US$18 million. The total issuance costs of US$30 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 principal amount and unamortized discount and debt issuance costs as of December 31, 2018 and 2019 were as follows:


	As of December 31,
	2018			2019			2019
	RMB			RMB			US$
	(In millions)
Principal amount		49,867			43,519			6,251
Unamortized discount and debt issuance costs		(261	)		(210	)		(30	)

		49,606			43,309			6,221

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

) but excluding convertible notes (Note 12

)

, in the succeeding five years and thereafter:


	RMB		US$
	(In millions)
For the years ending December 31, 2020		5,987		860
2021		7,902		1,135
2022		11,487		1,650
2023		6,962		1,000
2024		5,918		850
Thereafter		13,924		2,000