Clifford Chance advises on Meituan’s US$2.5 billion bond issuance in China’s largest offshore technology sector debt transaction of 2024

Global law firm Clifford Chance has advised the Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners of Meituan’s two-tranche US$2.5 billion bond issuance.

Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners: Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, Morgan Stanley & Co. International plc, and The Hongkong and Shanghai Banking Corporation Limited.

Joint Lead Managers and Joint Bookrunners: UBS AG Hong Kong Branch, Barclays Bank PLC and CLSA Limited.

Meituan, one of China’s leading platforms in local commerce, expects to use the net proceeds for refinancing of existing offshore indebtedness and other general corporate purposes. The Rule 144A/ Regulation S issuance comprises US$1.2 billion 4.500% senior notes due 2028 and US$1.3 billion 4.625% senior notes due 2029.

Partners Angela Chan and Alan Yeung co-led the Clifford Chance team in Hong Kong, which included senior associate Ran Bi, and associates Valerie Chan and Xavier Chan.

Angela said, “We are proud to have advised the Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners on Meituan’s US$2.5 billion bond issuance. The success of the issuance underscores continued investor interest in offshore bonds from major Chinese players in the current market.”

This transaction builds on Clifford Chance’s extensive track record of advising on major bond issuances this year, including Nan Shan Life Insurance’s debut US$700 million issuance, the Urban Renewal Authority’s HK$12 billion issuance, and HKMC’s HK$12 billion issuance. The firm has also advised on a series of Rule 144A/Regulation S offerings recently including CK Hutchison’s US$1 billion and US$2 billion issuances and AIA’s US$1.25 billion and US$1 billion issuances.