Chinese media reports that tech giant Tencent has secured a mammoth offshore loan from a syndicate of a dozen banks.
Sources said that Tencent has obtained a USD$8.3 billion offshore syndicated loan, far ahead of an initial target of $6 billion, according to a report filed by Sina on 19 February.
The deal would be the largest offshore syndicated loan made to a Chinese enterprise in Asia since 2016, when ChemChina obtained $12.7 billion in funding.
According to the source a total of 12 lenders were part of the syndicate, with Tencent planning to use the funds for regular operating purposes.
