Six weeks ago, Lenovo informed the Hong Kong stock exchange where its shares are traded that the world’s No. 2 PC maker was negotiating to make an acquisition.

Last week, after reporting a huge increase in earnings, Lenovo said it put no size limitations on a possible deal – or deals.

Now, Lenovo is going to investors to raise money. 

Does 1 plus 1 plus 1 equal a big deal, perhaps for the acquisition of all or parts of IBM’s server business?

On Friday, The Wall Street Journal confirmed that Lenovo “plans to sell its first ever U.S. dollar [based] bonds for working capital and potential acquisitions.”

Lenovo did not disclose how much money it hoped to raise, but the company will begin meeting with investors in Hong Kong, Singapore and London starting on Monday, according to the WSJ. It noted that bonds are not going to be sold in the U.S.

Two high-profile firms – Credit Suisse and Goldman Sachs – are coordinating the offering.

So why is Lenovo raising cash?

According to its presentation to analysts following the latest financial report last week, Lenovo’s cash and cash equivalents have dropped to $3.5 billion. That’s down $303 million from a year earlier.

Even as Lenovo reporting a big jump in revenues and earnings, its next cash gain for the 2012/2013 fiscal year, the cash reserves were hit as Lenovo stepped up investing ($245 million) and paid more for financing ($68 million) while foreign exchange rates inflicted a $10 million hit.

Lenovo has been very aggressive in driving its worldwide growth, expanding not only its PC footprint but also going after the smartphone and server markets as part of its “PC Plus” strategy. Next week, Lenovo formally dedicates its PC production line in the Triad.

The foot of chairman/CEO Yang Yuanqing remains on the accelerator. He’s burning fuel (cash). And he’s going to the bond markets for gas.

[LENOVO ARCHIVE: Check out eight years of Lenovo stories as reported in WRAL Tech Wire.]