SYDNEY - Hong Kong conglomerate CK Hutchison is planning to raise up to $1.5 billion in a two-tranche dollar bond deal, according to two sources with direct knowledge of the matter.

The company is looking at issuing a 5.5-year and 10-year dollar bond, a term sheet seen by Reuters on Tuesday showed.

CK Hutchison did not immediately respond to a request for comment.

The sources could not be named as the information on the size of the bond deal had not yet been made public.

Initial price guidance has been given to investors at Treasuries plus about 125 basis points for the 5.5-year bond and Treasuries plus 145 basis points for the longer-dated tranche, the term sheet showed.

The company plans to use the money raised from the bonds to pay down debt and for general corporate spending, according to the term sheet.

CK Hutchison is a sprawling Hong Kong conglomerate that owns rails, port and telco assets and is controlled by Li Ka-shing, the city's richest person.

The company raised $2 billion in April with a five-year green bond and 10-year bond.

CK Hutchison said at the time the 10-year bond proceeds would be used to refinance some debt, while the green bond would be spent on projects within the company's sustainable finance framework.

(Reporting by Scott Murdoch; Editing by Tom Hogue and Muralikumar Anantharaman)