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Chinese Internet giant Alibaba plans to place bonds in US dollars for the first time
Chinese Internet giant Alibaba Group Holding Ltd., which made the largest IPO in history in September, and the New York Stock Exchange, plans to place bonds in US dollars for the first time to refinance its credit lines, Bloomberg reports, citing a company statement.
Informed sources told the agency that the size of the placement could amount to $ 8 billion, while Morgan Stanley, Citigroup, Deutsche Bank and JPMorgan Chase will be engaged in selling bonds. According to Bloomberg, the current debt of the company is about $ 11 billion.
The planned debt has already been rated 'A +' by Standard & Poor's and Fitch and a similar 'A1' by Moody's.
"The rating reflects Alibaba's dominant position in the Chinese Internet market, as well as strong margins and free cash flow," Fitch said in a press release.
Alibaba ADS on Thursday traded at $ 116,4 per share. ADS started the first trading session after the September 19 IPO at $ 92,7 with a placement price of $ 68. The company's capitalization is approaching $ 300 billion.