Lenovo sells Asia’s largest unrated bond

The world’s largest supplier of personal computers raises an inaugural $1.5 billion bond to feed its hunger for acquisitions.

Lenovo issued its maiden $1.5 billion five-year bond on Tuesday the largest unrated fixed-income instrument in Asia in order to fulfill its acquisition binge.

In the company’s filing with the Hong Kong Stock Exchange on Tuesday, Lenovo chairman and chief executive Yang Yuanqing said net proceeds from the bond issue would be used for general corporate purposes, including working capital and to fund any acquisition activities.

The bond sale comes as Lenovo is working on completing two deals and so it could help address worries about the company’s capital base. In late January, the firm said it would spend $2.9 billion to buy Google’s Motorola handset business...

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