(Reuters) – China-based internet data center services provider VNET Group on Thursday launched a proposed offering of $400 million in convertible senior notes to fund its data center projects.
The capital raise by the Chinese data center specialist marks the latest in a series of fundraising efforts by Chinese technology companies.
Firms in the world’s second-largest economy continue to tap international markets following a high-level summit led by President Xi Jinping in February, where the nation’s top tech leaders gathered.
The meeting signaled an easing of the regulatory crackdown, boosting investor confidence and driving a surge in fundraising as Chinese tech firms seek expansion amid improving market conditions.
The maturity date for VNET’s notes is April 1, 2030, unless they are repurchased, redeemed, or converted before that.
VNET plans to use the net proceeds from the offering for capital investment in wholesale internet data center projects.
Goldman Sachs is acting as the sole bookrunner for the offering.
(Reporting by Roshan Thomas in Bengaluru; Editing by Mrigank Dhaniwala)
