Meituan, China’s biggest delivery platform, has raised $2.5 billion in a two-tranche dollar bond deal, according to its regulatory filings on Wednesday, in the country’s first offshore technology sector debt issuance this year.
A 3.5-year bond raised $1.2 billion while a 5-year bond raised $1.3 billion, the filings showed.
The final size of the deal was larger than the $2 billion that Meituan planned to raise when the deal was kicked off on Tuesday.
The 3.5-year deal was priced at 3-year Treasuries plus 115 basis points, while the longer-dated bond was set at 5-year Treasuries plus 125 basis points.
Meituan, which has an app that provides services as varied as bike-sharing, ticket-booking and maps, had flagged to investors on Tuesday price guidance for the 3.5-year bond was 3-year Treasuries plus about 145 basis points.
For the longer-dated bond, the guidance was 5-year Treasuries plus about 160 basis points.
Meituan’s deal is the first Chinese technology sector dollar bond deal in 2024, according to Dealogic data.
Reuters
