Tencent Music Closes $1 Billion Senior Notes Offering

Tencent Music-SW (01698) said it completed a $1 billion public offering of senior unsecured notes in the U.S. Eastern Time zone on the 10th, according to ETNet. The offering comprised $500 million of 5.05% notes due 2031 and $500 million of 5.65% notes due 2036. After underwriting discounts, commissions and estimated offering expenses, the company received net proceeds of about $991.9 million, which it plans to use for general corporate purposes, including offshore debt refinancing and share buybacks. The notes were registered under the U.S. Securities Act, and the company has applied to the Hong Kong Stock Exchange for approval to list and trade the notes. They are expected to begin trading in Hong Kong today and were offered only to professional investors.