Announcement on Drawdown 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 the successful pricing of a new US$300 million five-year medium-term note at an interest rate of 4.5%.
The new issuance is in the form of Drawdown Notes under the Company’s Medium-Term Note and Perpetual Securities Program. 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 Notes and such permission will be granted when the Drawdown Notes have been admitted to the Official List of SGX-ST, which is expected to be on or about 19 August 2020.
Li & Fung 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.