TENCENT MUSIC-SW (01698.HK): Prices USD 1 billion senior unsecured notes offering in two tranches

NewTimeSpace News: On 4 September 2026, Tencent Music Entertainment Group (stock code: 01698) announced that on 3 September 2026 (US Eastern Time), the Company announced the public offering of senior unsecured notes with an aggregate principal amount of USD 1,000 million, comprising USD 500 million notes with a coupon of 5.050% due in 2031 and USD 500 million notes with a coupon of 5.650% due in 2036. The notes are registered under the US Securities Act and are expected to be listed on the Hong Kong Stock Exchange, and the Company expects to complete the offering on or around 10 September 2026 (US Eastern Time), subject to customary closing conditions.

After deducting underwriting discounts and commissions and estimated offering expenses, the Company expects to receive net proceeds of approximately USD 991.9 million, which it intends to use for general corporate purposes, including refinancing of offshore indebtedness and share repurchases. The joint bookrunners of the offering are J.P. Morgan Securities LLC, Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited, and the joint lead managers are UBS AG Hong Kong Branch, Bank of China Limited and Mitsubishi UFJ Securities (Asia) Limited; the Company entered into an underwriting agreement with the underwriters on 3 September 2026 (US Eastern Time).

The Company has filed with the US Securities and Exchange Commission an automatic shelf registration statement on Form F-3 and the relevant preliminary prospectus supplement, and will apply to the Hong Kong Stock Exchange for approval to list and trade the notes by way of debt issue to professional investors only (having received the Stock Exchange's confirmation of the eligibility of the notes for listing). The Company noted that, as the conditions to the completion of the underwriting agreement may not be satisfied and the underwriting agreement may be terminated upon the occurrence of certain events, there is no assurance that the offering will be completed.

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