Tencent Music Entertainment Group (NYSE: TME) announced a public offering of $1 billion in senior unsecured notes, split into two equal tranches of $500 million each.

The first tranche carries a 5.050% interest rate and matures in 2031, while the second tranche carries a 5.650% rate and matures in 2036. The notes are registered under the U.S. Securities Act of 1933 and are expected to be listed on the Stock Exchange of Hong Kong.

The company expects net proceeds of approximately $991.9 million after underwriting discounts, commissions, and offering expenses. Tencent Music said it plans to use the funds for general corporate purposes, including refinancing of offshore debt and share repurchases.

J.P. Morgan Securities LLC, Goldman Sachs (Asia) L.L.C., and The Hongkong and Shanghai Banking Corporation Limited are serving as joint bookrunners. UBS AG Hong Kong Branch, Bank of China Limited, and MUFG Securities Asia Limited are acting as joint lead managers.