Chinese social media and gaming giant Tencent Holdings Ltd said on Thursday it raised $6 billion in a U.S. dollar bond sale - the largest debt deal by an Asian corporate in 2020.
FILE PHOTO: A Tencent sign is seen during the China Digital Entertainment Expo and Conference in Shanghai, China August 3, 2018. REUTERS/Aly Song
It was the first time Tencent, Asia’s second-most valuable company by market capitalisation, raised 40-year debt in its history. “When I saw that headline come up while the Tencent book was still open I thought to myself ‘is that going to be unhelpful?’ I thought it might have been, but it turned out that it didn’t have an impact,” said one banker, who declined to be identified and worked on the deal.
The final pricing for each of the tranches was tighter then intiially expected, according to term sheets circulated while the deal was being concluded.
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