(Yicai Global) Nov. 27 -- Chinese internet giant Alibaba Group Holding Ltd. [NYSE:BABA] will issue up underlying unpledged dollar bonds based on the market and other conditions.
The company has not yet decided the exact amount, related interest rate, duration and other terms of the issuance.
The net earnings from these bonds will be used for general company purposes, including operating funds, repayment of offshore bonds and potential investments and acquisitions.
Bloomberg previously reported this month that the firm would issue up to USD7 billion in bonds, and has employed Citibank Inc. [NYSE:C], Credit Suisse Group AG [NYSE:CS; SIX:CSGN; XETRA:CSX]., Goldman Sachs Group Inc. [NYSE:GS], JP Morgan Chase & Co. [NYSE:JPM] and Morgan Stanley AG [NYSE:MS] to undertake this issuance.
This return to the dollar market marks Alibaba's second issuance of international bonds since 2014. The company issuing underlying unpledged bonds in overseas markets of up to USD8 billion in November 2014.