Fosun International Gets Refinancing Loan for Hong Kong Project [BNN Bloomberg (Canada)]
FOSUN INTL LTD UNSP/ADR (FOSUY)
NASDAQ:AMEX Investor Relations:
ir.fosun.com
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Source: BNN Bloomberg
The new facility, which has a one-year tenor, was signed at the end of last month, said the people, asking not to be named discussing private matters. The upsized facility was originally meant to roll over a HK$1.3 billion loan that the Chinese private conglomerate received last year to fund the purchase and development of the site in the Clearwater Bay area. Cathay United Bank Co.'s Hong Kong branch was the mandated lead arranger and bookrunner for the loan, while China Zheshang Bank Co.'s Hong Kong branch, Nanyang Commercial Bank Ltd. and CTBC Bank Co. joined as mandated lead arrangers, according to one of the people. Fosun Group didn't respond to requests for comment. The refinancing success comes as Fosun International has stepped up efforts to lower its debt burden, including asset disposal and reduced borrowing. Progress on that front has helped it become one of the few Chinese conglomerates to witness a recovery in global investor confidence in recent years. That said,
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