Tencent Music to issue $1 billion in senior unsecured notes
Online music platform Tencent Music Entertainment Group (TME.US; 1698.HK) said on Friday it plans to issue $1 billion in senior unsecured notes, consisting of $500 million of 5.05% notes due in 2031 and $500 million of 5.65% notes due in 2036.
The company plans to complete the offering on or around Sept. 10, and list the notes on the Hong Kong Stock Exchange.
After deducting underwriting discounts and commissions and estimated offering expenses, Tencent Music expects to receive net proceeds of about $991.9 million from the issuance. It will use the funds for general corporate purposes, including refinancing offshore debt and repurchasing shares.
Tencent Music’s Hong Kong-listed shares opened flat on Friday and closed at HK$32.88 by the midday break, up 1.04%.
By Lee Shih Ta
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