Meituan issues $1.99bn and 7.08bn yuan senior notes for refinancing

Meituan has announced the issuance of multiple tranches of senior notes, including $600 million 4.500% notes due 2031, $600 million 4.750% notes due 2032, and $800 million 5.125% notes due 2035. Additionally, the company issued 2.08 billion yuan 2.55% notes due 2030 and 5 billion yuan 3.10% notes due 2035. Agreements with initial purchasers were finalized on October 28, 2025.

Gross proceeds from the US dollar notes issue are approximately $1,993.7 million, while the yuan notes issue generated 7,080 million yuan, both before deducting underwriting commissions and estimated offering expenses. Meituan intends to utilize the net proceeds primarily for refinancing existing offshore indebtedness and for general corporate purposes. The notes are expected to be rated "A-" by S&P, "BBB+" by Fitch, and "Baal" by Moody's.

Application will be made for the listing of these notes on the Stock Exchange of Hong Kong for professional investors only. The notes constitute senior unsecured obligations of the company, ranking equally with other unsecured and unsubordinated obligations, but effectively subordinated to secured obligations.