Vietnam’s leading private conglomerate Masan Group said Friday it has finished a roadshow for a new $650 million syndicated loan in 2023 following another for $600 million last year.
The latest loan is underwritten by BNP Paribas, Credit Suisse, HSBC, Standard Chartered Bank, and United Overseas Bank (UOB).
The sum of the two syndicated loans is $1.25 billion.
“This is a vote of confidence in Masan’s strong business fundamentals and a validation of Masan’s credit profile. Management will continue to optimize Masan’s balance sheet, reduce interest expense and deleverage via strategic corporate actions,” the Ho Chi Minh City-based company said.
The latest loan is priced at 3.5% over the U.S. dollar secured overnight financing rate (SOFR), or around 8.0% per annum. With a five-year tenor, this loan will extend Masan’s debt maturity profile and strengthen its liquidity ratios.
Masan has repaid VND3 trillion (about $126.67 million based on current forex rates) for bonds issued in 2020 and matured on March 9, the multi-business corporation added.
Masan’s ecosystem includes integrated retail, agriculture, mining, consumer goods, banking and finance.