Tencent Holdings (RCode:00700), China's biggest internet company by revenue, plans to issue its first USD-denominated bonds in the aggregate principal amount of US$500-1,000 million and a maturity of 5 years, Reuters reported, citing people familiar with the matter.

Sources said Tencent needed funding for some acquisitions it has made in addition to capital for business expansion. The proceeds will also be used to boost its working capital.