By Cady Vishniac
Detroit, Oct. 19 – Fosun International Ltd. subsidiary Fortune Star (BVI) Ltd. issued $300 million of additional 5.95% senior notes due Oct. 19, 2025 (//BB) at 102.318, according to an offering document.
The new notes will be consolidated and form a single series with the $400 million of 5.95% notes issued on Oct. 19.
The notes can be redeemed at par plus an applicable premium until Oct. 19, 2023. After that date they can be redeemed at 102 and then the redemption rate resets to 101 on Oct. 19, 2024.
Credit Suisse, Deutsche Bank, Fosun Hani, HSBC, Natixis and Standard Chartered Bank are the joint global coordinators, joint lead managers and joint bookrunners.
Joint bookrunners and joint lead managers are Bank of East Asia, Ltd., BOC International, CNCB Capital and China Citic Bank International.
Proceeds will be used to refinance debt, including the funding of cash tender offers for the company’s notes, and for working capital and general corporate purposes.
Shanghai-based Fosun is a conglomerate.
| Issuer: | Fortune Star (BVI) Ltd.
|
| Guarantor: | Fosun International Ltd.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 19, 2025
|
| Bookrunners: | Credit Suisse, Deutsche Bank, Fosun Hani, HSBC, Natixis, Standard Chartered Bank, Bank of East Asia, Ltd., BOC International, CNCB Capital and China Citic Bank International
|
| Coupon: | 5.95%
|
| Price: | 102.318
|
| Call option: | Before Oct. 19, 2023 at par plus an applicable premium; from Oct. 19, 2023 at 102 and Oct. 19, 2024 at 101
|
| Equity clawback: | Up to 35% at par
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 8
|
| Rating: | Moody’s: Ba3
|
| S&P: BB
|
| Trustee: | Bank of New York Mellon, London Branch
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
