Masan welcomes foreign credit capital of more than 15,000 billion VND

Masan Group Corporation (MSN) has just announced the completion of a series of events introducing investment opportunities in a syndicated credit package worth 650 million USD (2023 syndicated loan), equivalent to more than 15,000 billion VND.

The credit facility is underwritten by BNP Paribas, Credit Suisse, HSBC, Standard Chartered and United Overseas Bank, as lead lenders and bookrunners. Together with the oversubscribed syndicated loan of USD 600 million in Q4/2022, Masan has the ability to raise approximately USD 1.25 billion in the credit facility over the past 6 months.

Masan's management said it will continue to optimize its balance sheet, reduce interest expenses and reduce debt through strategic implementation steps in the coming time.

Participants in the 2023 syndicated loan have committed to pay US$375 million. Masan’s series of investment opportunity introduction events were held in Singapore and Taiwan, attracting interest from nearly 200 representatives of financial institutions with the total loan value potentially up to US$650 million.

The USD-denominated loan carries an interest rate of 3.5% plus the SOFR reference rate, equivalent to an interest rate of 8% per annum. With a term of 5 years, the 2023 syndicated loan is expected to help Masan increase its long-term capital and strengthen its liquidity.

On March 9, Masan also paid VND3,000 billion in bonds issued in 2020 and maturing on the same day.

Prior to the disbursement of the 2023 syndicated loan, Masan has VND17,147 billion in cash and cash equivalents (including investments), allowing the company to invest in growth initiatives and repay all maturing debt in the near future.

(Source: Zing News)

Useful
Emotion
Creative
Unique

Source