TME Issues US$1.00 Billion Dual-Tranche Notes; 5.050% 2031 and 5.650% 2036 Bonds Listed in Hong Kong

Bulletin Express
09/04

Tencent Music Entertainment Group (TME) has launched an overseas bond offering totalling US$1.00 billion, split evenly between two senior unsecured note tranches.

The company priced US$500.00 million of 5.050% notes due 10 September 2031 at 99.804% of par and US$500.00 million of 5.650% notes due 10 September 2036 at 99.638% of par. After 0.30% underwriting discounts, estimated net proceeds are US$994.21 million.

Interest on both tranches accrues from 10 September 2026 and is payable semi-annually on 10 March and 10 September, beginning 10 March 2027. TME may redeem the 2031 notes at par on or after 10 August 2031 and the 2036 notes on or after 10 June 2036; earlier redemptions are permitted at a “make-whole” premium. A 101% change-of-control put also applies.

The notes rank as TME’s senior unsecured obligations, pari passu with existing unsecured debt and structurally subordinated to liabilities of subsidiaries and consolidated affiliated entities.

Joint bookrunners are J.P. Morgan, Goldman Sachs (Asia) L.L.C. and HSBC; UBS, Bank of China and MUFG act as joint lead managers. The bonds will be listed on the Stock Exchange of Hong Kong under Chapter 37 for professional investors only, with settlement expected on 10 September 2026 (T+4).

TME will use the proceeds for general corporate purposes, including offshore debt refinancing and share repurchases.

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

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