Tencent raises $8.3 billion with its biggest offshore syndicated loan

Holdings, the creator of the messaging platform WeChat, has raised $8.3 billion in the biggest offshore syndicated loan in Asia for a Chinese firm since 2016.

Twelve banks joined the financing deal, which initially had a $6 billion size, according to people familiar with the matter. The loan will be used for general corporate purposes, the people said, asking not to be identified as they aren’t authorized to speak publicly. Representatives for didn’t immediately respond to requests for comment. IFR Asia earlier reported on the deal closing.

Tencent is fast evolving beyond a social media and gaming behemoth over the past decade and has poured billions of dollars snapping up stakes in promising startups, widening its reach in areas from social media to grocery delivery.

It received a 1.3 billion euro ($1.6 billion) loan last month to back its purchase of more shares in Universal Music Group Ltd.

The deal comes amid a flurry of debt financings by tech giants, with Holding Ltd. issuing $5 billion of bonds in early February and Chinese Internet search engine giant Baidu Inc. seeking what would be potentially its largest syndicated loan.

The latest loan is the largest foreign currency syndicated deal for a Chinese firm in Asia since 2016, when China National Chemical Corp. raised $12.7 billion, Bloomberg data show.

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