TENCENT (00700.HK): Prices USD 1.8bn and RMB 26bn Notes Under Global Medium-Term Note Programme

NewTimeSpace News: On 13 October 2026 (New York time), the board of Tencent Holdings Limited (stock code: 00700) announced that the Company had entered into a subscription agreement with the USD Notes Managers to issue USD notes with an aggregate principal amount of USD 1.8 billion, and a subscription agreement with the RMB Notes Managers to issue RMB notes with an aggregate principal amount of RMB 26 billion, in each case under the Global Medium-Term Note Programme. After deducting underwriting fees, discounts and commissions, the estimated net proceeds from the USD notes and the RMB notes will be approximately USD 1.79 billion and RMB 25.89 billion respectively. The Company intends to apply the net proceeds for general corporate purposes. The Notes are expected to be issued on 21 October 2026 (New York time), and the Company intends to list the Notes on the Stock Exchange.

The four tranches priced comprise: the October 2036 USD Notes with an aggregate principal amount of USD 1.30 billion, bearing interest at 6.10% per annum, issued at 99.859% of the aggregate principal amount and maturing on 21 October 2036; the October 2046 USD Notes with an aggregate principal amount of USD 500 million, bearing interest at 6.75% per annum, issued at 99.880% and maturing on 21 October 2046; the October 2036 RMB Notes with an aggregate principal amount of RMB 20.00 billion, bearing interest at 2.40% per annum, issued at 100.0% and maturing on 21 October 2036; and the October 2056 RMB Notes with an aggregate principal amount of RMB 6.00 billion, bearing interest at 3.00% per annum, issued at 100.0% and maturing on 21 October 2056.

All amounts payable under the USD Notes and the Trust Deed will be paid and settled solely in US dollars, and all amounts payable under the RMB Notes will be paid and settled solely in Renminbi. The Notes constitute general obligations of the Company, ranking pari passu with all existing and future unsecured and unsubordinated obligations of the Company, senior in right of payment to all existing and future obligations of the Company that are expressly subordinated, effectively subordinated to all existing and future secured obligations of the Company (to the extent of the value of the relevant collateral), and structurally subordinated to all existing and future debts and other liabilities of the Company's controlled entities. The Notes, the Trust Deed and any non-contractual obligations arising out of or in connection with them are governed by English law.

The Notes have not been and will not be registered under the US Securities Act. The USD Notes will be offered only (i) in the United States to qualified institutional buyers in reliance on the exemption from registration under Rule 144A or in transactions not subject to registration, and (ii) offshore to non-US persons pursuant to Regulation S; the RMB Notes will be offered only offshore to non-US persons pursuant to Regulation S. The Notes will not be publicly offered in Hong Kong, the United States or any other jurisdiction, and will not be allotted to any connected person of the Company. The subscription and sale of the Notes is subject to the satisfaction or waiver of certain conditions precedent under the respective subscription agreements, and the joint global coordinators of the USD Notes and the RMB Notes may respectively terminate the relevant subscription agreements in certain circumstances, hence the issue of the USD Notes and/or the RMB Notes may or may not proceed.