Tencent Music Entertainment Group priced a $1 billion senior unsecured notes offering, with net proceeds of approximately $991.9 million after underwriting discounts and expenses.
The offering consists of $500 million in 5.05% notes maturing in 2031 and $500 million in 5.65% notes maturing in 2036. The company intends to use the proceeds for general corporate purposes, including refinancing offshore indebtedness and share repurchases.
Joint bookrunners for the deal are J.P. Morgan Securities LLC, Goldman Sachs (Asia) L.L.C., and The Hongkong and Shanghai Banking Corporation Limited. UBS AG Hong Kong Branch, Bank of China Limited, and MUFG Securities Asia Limited served as joint lead managers.
The notes are registered under the U.S. Securities Act of 1933 and are expected to be listed on The Stock Exchange of Hong Kong Limited. Tencent Music filed an automatic shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission, alongside a preliminary prospectus supplement.
Tencent Music operates major music platforms in China, including QQ Music, Kugou Music, Kuwo Music, WeSing, and Ximalaya.
