Tencent aims to raise $4 billion in bond deal: sources

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Chinese internet and social media giant Tencent Holdings Ltd plans to raise up to $4 billion in a bond launched on Thursday, two sources with direct knowledge of the matter said.

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FILE PHOTO: A Tencent logo is seen at its booth at the 2020 China International Fair for Trade in Services in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo

The deal has been launched with 10-, 20-, 30- and 40-year tranches, according to a term sheet reviewed by Reuters. The deal sheet did not specify an exact figure but sources said the company was targeting to raise $4 billion from the issue, which would be its second major fundraising deal in a year.The company has approval from the National Development and Reform Commission to raise up to $4.15 billion, one of the sources added.Tencent raised $6 billion in May last year and issued 40-year debt for the first time.Price guidance for the 10-year tranche is around U.S.

Price guidance for the 30- and 40-year tranches has been set at 185 basis points and 195 basis points, respectively, against the long term benchmark rate, the sheet showed. Final terms and pricing are due to be set for the Hong Kong listed Tencent later on Thursday during U.S. trading hours, the two sources said.

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