New Issue: China's Tencent prices $2.5 billion notes due 2017, 2019

By Christine Van Dusen

Atlanta, April 22 - China's Tencent Holdings Ltd. priced a combined $2.5 billion of three- and five-year notes (expected ratings: A3/A-/) on Tuesday, a syndicate source said.

The $500 million 2% notes due in three years priced at 99.797 to yield 2.07%, or Treasuries plus 115 basis points, matching talk.

The $2 billion 3 3/8% notes due in five years priced at 99.895 to yield 3.398%, or Treasuries plus 165 bps. The notes priced at the tight end of talk, set at Treasuries plus 165 bps to 170 bps.

Deutsche Bank, Barclays, JPMorgan, HSBC, ANZ, BofA Merrill Lynch, Bank of China, Citigroup, Credit Suisse, Goldman Sachs and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used for general corporate purposes.

Tencent is an investment holding company based in Shenzhen, China.

Issuer:	Tencent Holdings Ltd.
Amount:	$2.5 billion
Description:	Notes
Bookrunners:	Deutsche Bank, Barclays, JPMorgan, HSBC, ANZ, BofA Merrill Lynch, Bank of China, Citigroup, Credit Suisse, Goldman Sachs, Standard Chartered Bank
Trade date:	April 22
Settlement date:	April 29
Expected ratings:	Moody's: A3
	Standard & Poor's: A-
Distribution:	Rule 144A and Regulation S
Three-year notes
Amount:	$500 million
Maturity:	May 2, 2017
Coupon:	2%
Price:	99.797
Yield:	2.07%
Spread:	Treasuries plus 115 bps
Price talk:	Treasuries plus 115 bps
Five-year notes
Amount:	$2 billion
Maturity:	May 2, 2019
Coupon:	3 3/8%
Price:	99.895
Yield:	3.398%
Spread:	Treasuries plus 165 bps
Price talk:	Treasuries plus 165 bps to 170 bps

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