UPDATE: Tencent Sells $600 Million of 5-Year Bonds in US Debt Markets
05 Dicembre 2011 - 10:27PM
Dow Jones News
Tencent Holdings Ltd. (TCEHY, TCTZF, 0700.HK), one of China's
largest Internet companies, sold $600 million of 4.625%-coupon,
five-year U.S. dollar bonds priced to yield 4.684%, for a spread of
375 basis points over comparable Treasurys, according to a person
familiar with the deal.
Tencent's debut in the U.S. markets was underwritten by Goldman
Sachs Group Inc. (GS), Deutsche Bank AG (DB, DBK.XE), Credit Suisse
Group AG (CS, CSGN.VX) and HSBC Holdings PLC (HBC, 0005.HK,
HSBA.LN).
The senior unsecured 144A/Reg S bond was expected to be rated
Baa1 with a stable outlook by Moody's Investors Service and
BBB-plus with a stable outlook by Standard & Poor's.
Earlier guidance suggested the bonds would be priced between 375
and 387.5 basis points over Treasurys.
The Shenzhen, China, company, founded in 1998, met bond
investors in Asia, Europe and the U.S., a person familiar with the
situation said earlier.
Tencent said last month it plans to use the net proceeds for
general corporate purposes, including supplementing working
capital, replacing some of its existing short-term borrowings and
funding potential strategic acquisitions.
-By Patrick McGee and Carol Chan, Dow Jones Newswires;
212-416-2382; patrick.mcgee@dowjones.com
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