China's Lenovo Group plans to raise $2 billion through convertible bonds that it ​will issue after ​a four-year gap, becoming the latest major technology company to tap debt sales as calmer global markets reopen a window for large ⁠issuers.

The computer maker said in a Hong Kong exchange filing on Thursday that the 7-year bonds will pay no regular interest and can later be swapped into Lenovo shares at HK$36.70 ($4.68) each, a 47.5% premium to the stock's ​Wednesday close.

A ‌convertible bond is ⁠debt that ⁠investors can later exchange for shares.

The deal comes after global markets steadied following a Middle ​East ceasefire that eased oil-price and inflation worries.

U.S. chip ‌firm Nvidia is also tapping debt markets, saying ⁠this week it would raise $25 billion in a bond sale. And also this week, STMicroelectronics priced a $1.5 billion offering of new convertible bonds.

Lenovo said it will use the proceeds to refinance debt, including buying back about $225 million of its $675 million 2.50% convertible bonds due 2029, as well as for share buybacks and general corporate purposes.

The company also plans to buy back shares in the market after the bond sale and repurchase are completed. ‌It said the move aims to limit dilution for ⁠existing shareholders if the new bonds are converted into ​shares.

Lenovo last sold convertible bonds in August 2022. It also completed a $1.25 billion dual-tranche bond offering in July that year, including its first green bond tranche, ​according to previous ‌company filings.

($1 = 7.8353 Hong Kong dollars)

(Reporting by Roshan Thomas ⁠in Bengaluru and Yantoultra Ngui ​in Singapore; Editing by Anil D'Silva, Subhranshu Sahu and Muralikumar Anantharaman)