finance mandarin case study preview
Meituan Bond+ Private Placement raises $10 Billion to fight Alibaba

preview: executive summary

S&P Global Ratings noted that Meituan may face short-term headwinds to free cash generation as it competes in the pandemic era for market share in key areas, including food delivery. But Ratings said it expects that the company "will expand its EBITDA and ability to generate positive free operating cash flow, subject to the ebb and flow of capex, especially over the next two years" and "will remain in net cash despite significant investments for its new initiatives." Terms:

Issuer Meituan
Ratings BBB–/Baa3/BBB
Amount $750 million
Issue 144A/Reg S senior notes
Coupon 2.125%
Price 99.877
Yield 2.151%
Spread T+180
Maturity Oct. 28, 2025
Call Make-whole T+30
Price talk Guidance: T+180; IPT: T+230 area

preview: key point

The key point and your take-away from this case study 'Meituan Bond+ Private Placement raises $10 Billion to fight Alibaba '. Your learning combines both language skills and market knowledge.

ˇ ˊ

美团

Měi tuán

Meituan

ˊ ˉ

王兴

Wáng Xīng

CEO Meituan

ˇ ˊ ˇ

美团网

měi tuán wǎng

Meituan.com

ˉ ˋ

通过

tōng guò

by means of

ˉ ˋ

通过

tōng guò

by means of

by means of; through; via; to pass through; to get through; to adopt; to pass (a bill); to switch over

ˋ ˇ

配股

pèi gǔ

allotment

ˋ ˇ

配股

pèi gǔ

allotment

allotment ; (PRC Mainland & HK usage)

ˊ

和

hé

and

ˊ

和

hé

and

and; and; together with; with; sum; union; peace; harmony; surname He; Japanese related; Taiwan pr. hàn

ˉ ˋ

发债

fā zhài

issue debt, bond (abbreviation of 债券发行)

ˉ ˋ

发债

fā zhài

issue debt, bond (abbreviation of 债券发行)

ˊ ˉ

筹资

chóu zī

capital financing

ˊ ˉ

筹资

chóu zī

capital financing

capital financing ; (PRC Mainland & HK usage)

ˋ

近

jìn

near; close

ˋ

近

jìn

near; close

near; close to; approximately

ˋ ˇ ˋ

100亿

yì bǎi yì

10 billion

ˋ ˇ ˋ

100亿

yì bǎi yì

10 billion

ˇ ˊ

美元

měi yuán

USD; American dollar; US dollar

ˇ ˊ

美元

měi yuán

USD; American dollar; US dollar

USD; American dollar; US dollar;

，

，

 

ˋ ˋ

创造

chuàng zào

to create

ˋ ˋ

创造

chuàng zào

to create

to create; to bring about; to produce; mw:个[gè]

ˇ ˉ ˇ

港交所

Gǎng jiāo suǒ

HKEx Hong Kong Exchanges and Clearing Ltd.

ˉ ˋ ˉ

欧冠升

Ōuguàn shēng

Nicolas Aguzin

CEO HKEx

ˇ ˉ ˇ

港交所

Gǎng jiāo suǒ

HKEx Hong Kong Exchanges and Clearing Ltd.

ˉ ˉ

增发

zēng fā

secondary offering

ˉ ˉ

增发

zēng fā

secondary offering

secondary offering ; (PRC Mainland usage)

ˋ ˇ

历史

lì shǐ

history

ˋ ˇ

历史

lì shǐ

history

history; mw:门[mén],段[duàn]

ˉ

之

zhī

(possessive particle, literary equivalent of 的)

ˉ

之

zhī

(possessive particle, literary equivalent of 的)

(possessive particle, literary equivalent of 的); (possessive particle, literary equivalent of 的); him; her; it

ˋ

最

zuì

most

ˋ

最

zuì

most

most; the most; -est

。

。

 

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