https://wccftech.com/tencent-raising-6-billion-in-bond-sale/

Tencent Holdings Ltd. Has issued $6 billion in bonds issued despite having $20 billion in cash already.

Tencent (HKG:0700) issued the bonds with maturity dates spread out over the next 30 years, with $2 billion maturing in 5 years, $3 billion in 10 years, and $500 million in 30 years. The coupon rates range from 3.280 percent to 4.525 with the rate increasing as the term does. The puzzling news about this is Tencent already has $20 billion in cash on hand, so raising another $6 billion likely means that Tencent is going to start spending more money in the short term and may have big plans that investors are not fully aware of yet. Tencent is only a 20-year-old company, so issuing 30-year bonds although not unprecedented is rare, especially with a low premium over 7 and 10-year bonds. The company said they intend to use the cash to pay for debt maturing in May and use the rest for general expenses.