Alibaba looking to raise up to $5 billion in U.S. dollar bond issuance after earnings beat

Alibaba will be taking advantage of the low interest rate environment in the U.S. right now by issuing the bonds.

The company said the proceeds will be used for general corporate purposes, including working capital needs, repayment of offshore debt and potential acquisitions of, or investments in, complementary businesses.

So-called “sustainability notes” will also be issued with the proceeds going toward green projects such as renewable energy, the company said.

Citigroup, Credit Suisse, Morgan Stanley, J.P. Morgan and CICC are the underwriters for the deal.