Alibaba Group Holding Ltd. intends to raise as much as $8 billion via a dollar bond sale as early as next week, matching its own Chinese record for a single issuance of offshore corporate debt, people familiar with the plans said.
The e-commerce giant aims to raise at least $5 billion but could wind up with more depending on reception, said the people who aren’t authorized to speak publicly and asked not to be identified. The deal will be a multi-tranche offering, with specific tenors yet to be determined, they said. Reuters first reported the news earlier Wednesday.
Alibaba tapped the global debt market in 2014 for the first time to raise $8 billion — a record that still stands — shortly after its landmark New York stock debut. The company has in the years since spent billions acquiring stakes in promising startups, expanding its logistics network and cloud-hosting services, and building up an international business via Singapore-based online mall Lazada.
Alibaba, which sat on a cash hoard of almost $90 billion at the end of September, continues to wage a bruising battle with Meituan in food delivery, while fending off rivals like JD.com Inc. and Tencent Holdings Ltd. in businesses from groceries to retail.
The company co-founded by beleaguered billionaire Jack Ma is grappling with a government antitrust investigation with uncertain outcomes. Its revenue grew at its slowest pace on record for a September quarter, underscoring how the e-commerce giant’s post-pandemic rebound is starting to plateau.