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v3.25.2

Unsecured senior notes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2025
Unsecured senior notes |
Summary of the unsecured senior notes | Bank borrowings are analyzed as follows:
|  | As of March 31, |
|  | 2024 |  |  | 2025 |
|  | RMB |  |  | RMB |
|  | (in millions) |
Current portion: |  |  |  |  |  |
Short-term other borrowings (i) |  |  | 12,749 |  |  |  | 22,562 |
Non-current portion: |  |  |  |  |  |
US$4.0 billion syndicated loan denominated in US$ (ii)(iii) |  |  | 28,828 |  |  |  | 22,937 |
Long-term other borrowings (iii) |  |  | 26,858 |  |  |  | 26,972 |
|  |  | 55,686 |  |  |  | 49,909 |
(i) As of March 31, 2024 and 2025, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.4% to 4.6% and 0.8% to 4.8% per annum, respectively. As of March 31, 2024 and 2025, the weighted average interest rate of these borrowings was 2.6% and 2.0% per annum, respectively. The borrowings are primarily denominated in RMB. (ii) As of March 31, 2024 and 2025, the Company had a US$4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. During the year ended March 31, 2024, the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions). The Company repaid US$830 million (RMB 6,067 million) of the loan in January 2025. (iii) As of March 31, 2024 and 2025, the Company had long-term borrowings from banks with weighted average interest rates of 3.5% and 3.9% per annum, respectively. The borrowings are primarily denominated in RMB.
Schedule of future principal payments due | As of March 31, 2025, the future principal payments for the Company’s borrowings were as follows:
|  | Principal amounts |
|  | RMB |
|  | (in millions) |
Within 1 year |  |  | 22,562 |
Between 1 to 2 years |  |  | 2,906 |
Between 2 to 3 years |  |  | 5,098 |
Between 3 to 4 years |  |  | 25,104 |
Between 4 to 5 years |  |  | 5,572 |
Beyond 5 years |  |  | 11,282 |
|  |  | 72,524 |
Unsecured senior notes |
Unsecured senior notes |
Summary of the unsecured senior notes | The following table provides a summary of the Company’s unsecured senior notes as of March 31, 2024 and 2025:
|  | As of March 31, |  |  | Effective |
|  | 2024 |  |  | 2025 |  |  | interest rate |
|  | RMB |  |  | RMB |  |  |  |
|  | (in millions) |  |  |  |
US$2,250 million 3.600% notes due 2024 |  |  | 16,252 |  |  |  | — |  |  |  | 3.68 | %
US$2,550 million 3.400% notes due 2027 |  |  | 18,352 |  |  |  | 18,434 |  |  |  | 3.52 | %
RMB 8,400 million 2.650% notes due 2028 |  |  | — |  |  |  | 8,353 |  |  |  | 2.83 | %
RMB 5,000 million 2.800% notes due 2029 |  |  | — |  |  |  | 4,971 |  |  |  | 2.93 | %
US$1,000 million 4.875% notes due 2030 |  |  | — |  |  |  | 7,205 |  |  |  | 5.01 | %
US$1,500 million 2.125% notes due 2031 |  |  | 10,791 |  |  |  | 10,834 |  |  |  | 2.20 | %
US$700 million 4.500% notes due 2034 |  |  | 5,013 |  |  |  | 5,034 |  |  |  | 4.60 | %
RMB 2,500 million 3.100% notes due 2034 |  |  | — |  |  |  | 2,485 |  |  |  | 3.17 | %
US$1,150 million 5.250% notes due 2035 |  |  | — |  |  |  | 8,268 |  |  |  | 5.35 | %
US$1,000 million 4.000% notes due 2037 |  |  | 7,176 |  |  |  | 7,203 |  |  |  | 4.06 | %
US$1,000 million 2.700% notes due 2041 |  |  | 7,129 |  |  |  | 7,158 |  |  |  | 2.80 | %
RMB 1,100 million 3.500% notes due 2044 |  |  | — |  |  |  | 1,093 |  |  |  | 3.54 | %
US$1,750 million 4.200% notes due 2047 |  |  | 12,540 |  |  |  | 12,586 |  |  |  | 4.25 | %
US$1,500 million 3.150% notes due 2051 |  |  | 10,757 |  |  |  | 10,796 |  |  |  | 3.19 | %
US$500 million 5.625% notes due 2054 |  |  | — |  |  |  | 3,597 |  |  |  | 5.67 | %
US$1,000 million 4.400% notes due 2057 |  |  | 7,161 |  |  |  | 7,186 |  |  |  | 4.44 | %
US$1,000 million 3.250% notes due 2061 |  |  | 7,170 |  |  |  | 7,195 |  |  |  | 3.28 | %
Carrying value |  |  | 102,341 |  |  |  | 122,398 |  |  |  |
Unamortized discount and debt issuance costs |  |  | 644 |  |  |  | 838 |  |  |  |
Total principal amounts of unsecured senior notes |  |  | 102,985 |  |  |  | 123,236 |  |  |  |
Less: current portion of principal amounts of unsecured senior notes |  |  | (16,261 | ) |  |  | — |  |  |  |
Non-current portion of principal amounts of unsecured senior notes |  |  | 86,724 |  |  |  | 123,236 |  |  |  |
22. Unsecured senior notes (Continued)
Schedule of future principal payments due | As of March 31, 2025, the future principal payments for the Company’s unsecured senior notes were as follows:
|  | Principal amounts |
|  | RMB |
|  | (in millions) |
Within 1 year |  |  | — |
Between 1 to 2 years |  |  | — |
Between 2 to 3 years |  |  | 18,492 |
Between 3 to 4 years |  |  | 8,400 |
Between 4 to 5 years |  |  | 5,000 |
Thereafter |  |  | 91,344 |
|  |  | 123,236 |

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