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Announcement on Further Drawdown of US$100 million under Medium Term Note and Perpetual Securities Programme
Li & Fung Limited ("Li & Fung," or "the Company;"), the world's leading supply chain solutions partner for consumer brands and retailers, announced a further drawdown under the Company's Medium-Term Note and Perpetual Securities Program to offer and isuse New Notes in an aggregate nominal amount of US$100 million ("New Notes") on 24 August 2020. The New Notes, once issued, will be consolidated and form a single series with the US$300 million five-year notes priced on 11 August 2020 ("Original Notes"). The New Notes will rank pari passu with the Original Notes. Both the Original Notes and the New Notes will have a maturity date of 18 August 2020 and will bear a fixed interest rate of 4.5% per annum.
An application will be made by the Company to Singapore Exchange Securities Trading Limited (the SGX-ST) for the listing of and permission to deal in the New Notes and such permission will be granted when the New Notes have been admitted to the Official List of SGX-ST, which is expected to be on or about 25 August 2020. The Company intends to use the net proceeds to refinance short-term and long-term indebtedness, working capital, and for general corporate purposes. The transaction is expected to further optimize the Company's debt profile and enhance its financial flexibility. Li & Fung's current credit ratings are BBB (Standard & Poor's) and Baa3 (Moody's). Please refer to announcement for details.
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