Fosun successfully completed the refinancing of approximately USD800 million loan

Rhea-AI Summary

Fosun International successfully completed the refinancing of its USD804 million loan, obtaining a new syndicate loan of USD597 million and repaying the remaining through its own funds. The collaboration with banking partners resulted in the largest syndicated loan for a Chinese privately-owned enterprise this year, showcasing Fosun's strong liquidity and support from domestic and foreign banks.

Fosun has diversified financing channels, solid financing capabilities, and prudent financial policies. The company aims to optimize its debt structure, strengthen liquidity management, and focus on core business strategies for steady development.

Positive

• Fosun successfully completed the refinancing of a significant loan, indicating strong financial management and liquidity.

• The new syndicate loan of USD597 million obtained by Fosun showcases the company's ability to secure financing and maintain strong relationships with banking partners.

• The collaboration with leading banks like Bank of China, BNP Paribas, and HSBC highlights Fosun's credibility and support in the financial market.

• Fosun's establishment of diversified financing channels and strong liquidity management prepares the company for future growth and development.

Negative

• Despite successful refinancing, taking on new debt could potentially increase financial risks for Fosun in the future.

• Depending heavily on syndicate loans may impact Fosun's financial flexibility and increase dependency on external financing.

HONG KONG, May 9, 2024 /PRNewswire/ -- Fosun International Limited (HKEX stock code: 00656, "Fosun International", "Fosun" or "the Company") has successfully completed the refinancing of its USD804 million loan due on 7 May 2024.  As part of the refinancing process, the Company has successfully obtained a new syndicate loan of USD597 million, while the remaining was repaid through its own funds.

The Company collaborated closely with its banking partners and the syndicate of banks involved in arranging the new syndicate loan of USD597 million includes Bank of China (Macau), Bank of China (Shanghai), BNP Paribas, Bank of East Asia, Commerzbank, Hang Seng Bank, HSBC, Natixis, Qatar National Bank, and Standard Chartered. This new syndicated loan, the largest of its kind in the market thus far this year for a Chinese privately-owned enterprise, is a testament to Fosun's strong liquidity and the strong support it has received from domestic and foreign banks.

Fosun has established diversified financing channels, well-recognized financing capabilities and prudent financial policies, and has been proactively managing its debt duration and yield curve. Looking ahead, Fosun will continue to implement its core business-focused strategy and improve its operating capabilities in advantageous industries. It will continue to optimize its debt structure and strengthen liquidity management to prepare for the next phase of steady development.

About Fosun

Fosun was founded in 1992. After more than 30 years of development, Fosun has become a global innovation-driven consumer group. Adhering to the mission of creating happier lives for families worldwide, Fosun is committed to creating a global happiness ecosystem fulfilling the needs of one billion families in health, happiness and wealth. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (HKEX stock code: 00656). As of 31 December 2023, Fosun International's total assets amounted to RMB808.4 billion; it received an AA MSCI ESG rating and was the only conglomerate in Greater China with such rating.

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SOURCE Fosun

FAQ

What was the amount of the refinanced loan for Fosun International ?

Fosun International refinanced a USD804 million loan.

How was the remaining amount of the loan repaid by Fosun?

The remaining amount of the loan was repaid through Fosun's own funds.

Which banking partners were involved in arranging the new syndicate loan for Fosun?

Bank of China, BNP Paribas, HSBC, and other leading banks were involved in arranging the new syndicate loan for Fosun.

When was Fosun founded?

Fosun was founded in 1992.

Where is Fosun listed?

Fosun International is listed on the main board of the Hong Kong Stock Exchange with the stock code 00656.