(Bloomberg) -- Fosun International Ltd. has secured a HK$1.6 billion ($205 million) syndicated loan to partly refinance an existing facility for a Hong Kong property project, according to people familiar with the matter.
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, the Shanghai-headquartered company has not sold a single offshore bond since 2021, Bloomberg-compiled data show. It told some investors this year that it’s working to get a credit rating upgrade, aiming for an investment-grade status in the long term.
--With assistance from Shirley Zhao.
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