Technology

WeChat-Proprietor Tencent Seeks $6 Billion Mortgage After Offers

Tencent Holdings Ltd., the creator of the messaging platform WeChat, is in talks with banks for a $6 billion mortgage, in response to individuals accustomed to the matter.

That will be the most important greenback mortgage syndicated in Asia for a Chinese language agency since 2019, in response to information compiled by Bloomberg. It might additionally mark a flurry of potential debt financings by tech giants after individuals acquainted mentioned earlier this month that rival Alibaba Group Holding Ltd. was trying to promote as much as $eight billion of bonds.

Beneath the phrases being mentioned, Tencent’s five-year deal would pay an curiosity margin of 80 foundation factors over Libor and supply all-in pricing of 85 foundation factors, the individuals mentioned, asking to not be recognized as they aren’t licensed to talk publicly. The proceeds are for basic company functions, they added. For extra particulars click on right here.

Tencent has lately spent billions of {dollars} shopping for stakes in promising startups, extending its attain in areas from social media to grocery supply. It agreed final month to purchase an extra 10% of Common Music Group. Different individuals accustomed to the matter additionally mentioned Friday that Tencent has gotten a EU1.three billion ($1.6 billion) mortgage for that deal.

As well as, the corporate is locked in a fierce battle for customers and advertisers towards nemesis ByteDance Ltd., which runs TikTok. The WeChat operator can also be pushing its gaming portfolios internationally, with hits like Name of Responsibility Cellular.

A consultant with Tencent declined to remark.

Written by Jacqueline Poh and Apple Lam.

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