Davis Polk Advises Tencent on Its $6 Billion Notes Offering Under Its Global MTN Program

Davis Polk advised Tencent Holdings Limited as English and U.S. law counsel in connection with the upsize and update of its $20 billion global medium-term note program and the offering thereunder pursuant to Rule 144A and Regulation S of its $1.25 billion 3.280% senior notes due 2024, $750 million floating-rate notes due 2024, $500 million 3.575% senior notes due 2026, $3 billion 3.975% senior notes due 2029 and $500 million 4.525% senior notes due 2049.

Tencent is a leading integrated Internet services company operating a broad range of Internet services including communication and social, online games, digital content, online advertising, FinTech, cloud and other services for its users, advertisers, merchants and enterprise partners. Tencent develops and delivers highly popular products and services to enhance the quality of life for users and to maximize business opportunities for enterprises and industries through digital transformation.

The Davis Polk corporate team included partners James C. Lin and Paul Chow, counsel Faisal Baloch and Yang Chu, registered foreign lawyer Jennifer Liu and associate Vivian Chow. Counsel Alon Gurfinkel and associates Dominic Foulkes and Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.