Meituan (Stock Codes: 3690 HKD and 83690 RMB) announced the successful pricing of multiple tranches of senior notes comprising US$600 million 4.500% notes due 2031, US$600 million 4.750% notes due 2032, US$800 million 5.125% notes due 2035, CNY2.08 billion 2.55% notes due 2030, and CNY5 billion 3.10% notes due 2035. Gross proceeds from the US dollar issuances are approximately US$1,993.7 million, while the Chinese yuan notes generate CNY7,080 million, both before underwriting commissions and other expenses.
These notes bear fixed annual interest rates ranging from 2.55% to 5.125%, with maturities from 2030 to 2035. The company intends to use the net proceeds primarily to refinance existing offshore indebtedness and support other general corporate purposes, subject to mainland China regulatory requirements. The notes rank as senior unsecured obligations of the company and include provisions governing possible early redemption, covenants, and events of default.
Application will be made for a listing of the notes on The Stock Exchange of Hong Kong Limited by way of debt issuance to professional investors only. The notes have received expected ratings of A- by S&P, BBB+ by Fitch, and Baa1 by Moody’s. Potential investors and shareholders are advised to exercise caution, as completion remains subject to relevant conditions set out in the purchase agreements.
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