Announcement of 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 issue the Third New Notes in an aggregate nominal amount of US$100 million (“Third New Notes”) on 27 January 2021. The Third New Notes, once issued, will be consolidated and form a single series with the US$300 million 4.5% notes due 2025 issued on 18 August 2020 (“Original Notes”), US$100 million 4.5% notes due 2025 issued on 24 August 2020 (“First New Notes”) and US$100 million 4.5% notes due 2025 issued on 29 October 2020 (“Second New Notes”). The Third New Notes will rank pari passu with the Original Notes, the First New Notes and the Second New Notes. The Third New Notes will have a maturity date of 18 August 2020 and will bear a fixed interest rate of 4.5% per annum. The Company intends to use the net proceeds for refinancing short-term and long-term indebtedness working capital and general corporate purposes. Li & Fung’s current credit ratings are BBB (Standard & Poor’s) and Baa3 (Moody’s). Please refer to announcement for details.