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Meituan aims to raise $1.2 billion in dual tranche bond to refinance debt

By Reuters News

Oct 28 (Reuters) - Chinese food delivery company Meituan 3690.HK said on Wednesday it launched an 8 billion yuan ($1.20 billion) dual-tranche bond, comprising a 4.5 billion yuan five-year tranche and a 3.5 billion yuan 10-year tranche.

Here are some details:

  • Meituan plans to use the proceeds to refinance existing offshore debt and for general corporate purposes

  • The company said the five-year tranche will bear interest at the rate of 2.50% per annum, while the 10-year tranche will bear interest at the rate of 3.10% per annum

  • Meituan said the bonds are expected to receive Baa1 ratings from Moody's and BBB+ ratings from S&P Global Ratings and Fitch

  • The five-year tranche will mature on November 3, 2031, while the 10-year tranche will mature on November 3, 2036, the firm added

  • Reuters reported on Monday that Meituan aimed to raise about 7 billion yuan through the deal

  • CITIC Securities, Goldman Sachs, BofA Securities, China Construction Bank, ICBC, Bank of Communications and HSBC are among the lead banks for the deal, according to Meituan's statement

($1 = 6.6660 Chinese yuan renminbi)

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