Chinese multinational investment conglomerate Tencent is said to be planning a US$5 billion bond sale, the largest deal in Asia so far, Sina reported, citing international wire.
Tencent hasn’t made any offshore bond issues since it raised US$5 billion from a tap issue in January 2018.
The Chinese internet giant has granted a US$6 billion offshore bond issuance quota from China’s National Development and Reform Commission, people with knowledge of the matter were quoted as saying.
The company has hired Deutsche Bank, HSBC, Goldman Sachs and Morgan Stanley as joint global coordinators for the bond issue, Tencent said.
The sale will be conducted on April 3, the report said, while Tencent declined to make any further comment.
It plans to use about US$3 billion of the new proceeds to repay maturing debt, including US$2 billion in notes due in May, a company executive said in an investor call.