Tencent Holdings has raised about $5.7 billion through a bond offering denominated in yuan and U.S. dollars, Bloomberg reported, citing people familiar with the transaction. The sale includes 26 billion yuan, equivalent to about $3.88 billion, in notes issued in the offshore market, as well as another $1.8 billion in U.S. dollar-denominated debt.
The Chinese technology company priced both offerings on Tuesday. The transaction exceeds the roughly $5 billion Tencent had been considering raising, according to a Bloomberg report published the previous week.
The proceeds will support Tencent’s growing investments in artificial intelligence. Available information confirms that the company raised funds through debt, but does not specify their allocation to particular projects or establish that those investments have already been made.
