Alibaba Group will launch its first-ever bonds Thursday, an issue that's expected to be worth about $8 billion. The sale comes on the heels of the company's record initial public offering two months ago.
The Chinese e-commerce giant is planning to sell up to seven tranches. Five will be fixed-rate bonds ranging from three to 20-year maturities and two floating-rate options with three and five-year maturities.
The company is believed to already have strong interest in place even before launching its appeal to investors. Sources familiar said there was interest in the range of $10 billion, according to Reuters.
The proceeds from the sale will pay off an existing $8 billion loan that was used for general corporate purposes. The income from the notes will bolster the $25 billion already raised by Alibaba in its record-breaking IPO at the end of September.