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[QUOTE="Bombastus, post: 91503, member: 2178"]
Tencent Music Entertainment just priced a billion-dollar bond offering. Net proceeds of around 991.9 million will refinance offshore debt and fund share repurchases. Half the notes mature in 2031 at 5.050% while the rest hit 2036 at 5.650%. J.P. Morgan and Goldman Sachs ran the books for this dual tranche deal settling soon.

Bank borrowings jumped to 1.94 billion by midyear after acquiring Ximalaya. All existing loans use RMB, but these new securities provide USD exposure. Replacing older 2.000% paper with current rates seems pricey yet strategic. Directors call capital structure risk remote since cash reserves sit near 6.5 billion.

Buybacks consumed 400 million during the second quarter alone. Six hundred million remains available under the current authorization expiring in 2027. Revenue climbed 5.8% year over year as music services grew faster. This liquidity supports ongoing capital deployment alongside dividend payments and stake acquisitions.
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