Meituan said it had signed an agreement with initial buyers and applied to the city’s bourse for the listing and trading of those securities, which are targeted at professional investors. The proceeds from the bond offering would be used to refinance existing offshore debts and for other general corporate purposes, according to the statement.
The US dollar bonds carry maturity terms of six, seven and 10 years, with the coupon rates ranging from 4.5 per cent to 5.125 per cent. The yuan-denominated notes have tenors of five and 10 years, with interest rates of 2.55 per cent and 3.10 per cent, respectively, according to the exchange filing.
The size and scope of instant commerce appear unparalleled in China’s retailing landscape, as the segment covers hundreds of millions of consumers who have grown accustomed to ordering a wide range of products and services online, with expedited on-demand deliveries.
