Asia Tech Wire (Sep 24) -- Chinese food delivery giant Meituan (3690.HK) plans to raise up to $2 billion through a a 3.5- and 5-year dollar bond issue, according to Reuters.

Tuesday's report said the 3.5- and five-year dollar bond offerings would amount to $1 billion each.

Initial pricing guidance for the 3.5-year bond is about 1.45% above the yield on 3-year U.S. Treasuries, while guidance for the 5-year bond is about 1.6% above the yield on 5-year U.S. Treasuries.

A term sheet showed that Meituan plans to use the funds to refinance upcoming offshore debt.

The company has a $1.48 billion convertible bond due 2027 that is callable next year, and sources said some of the proceeds will be used to fund the bond.