MEITUAN-W (03690) plans to issue $2.5 billion in preferred notes.

MEITUAN-W (03690) announced that on September 24, 2024 (New York time), the company and initial buyers have entered into a purchase agreement for the issuance of notes. The company will issue $1.2 billion in 4.5% senior notes due in 2028 and $1.3 billion in 4.625% senior notes due in 2029. The total proceeds from the issuance of the notes, after deducting underwriting commissions and certain estimated issuance expenses, are expected to be approximately $2.488 billion. The company intends to use the net proceeds from the issuance of the notes primarily for the refinancing of existing offshore debt and other general corporate purposes.