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Li & Fung signs inaugural $500mn worth bond offering

10
May '07
Hong Kong-based global consumer goods exporter Li & Fung Limited announced that it has entered into a subscription agreement with Citigroup Global Markets Limited and The Hongkong and Shanghai Banking Corporation Limited in connection with the issue and sale of US$500 million Reg. S notes.

The notes will be issued in the amount of US$500 million (HK$3,900 million) at a fixed coupon of 5.50% per annum for a ten-year term, due 2017. Li & Fung will apply the net proceeds towards business development, acquisitions and refinancing its existing indebtedness.

Citigroup Global Markets Limited and The Hongkong and Shanghai Banking Corporation Limited acted as joint bookrunners and joint lead managers. Roadshows were held in Hong Kong and Singapore.

Mr. William K. Fung, Group Managing Director of Li & Fung Limited, commented, "This is the first bond offering in Li & Fung's history. Our ability to issue the notes and the strong response from investors in Hong Kong, Singapore and Europe testify to our sound financial management and solid business prospects.”

The notes have been assigned a rating of A3 (stable) by Moody's and A- (stable) by Standard and Poor's. The notes will be listed on the Singapore Exchange Securities Trading Limited, for which approval-in-principle has already been obtained.

Mr. Bruce Rockowitz, President of Li & Fung (Trading) Limited, said, "We are pleased that the bonds are very well received by investors. We will continue to respond to changing consumer needs and are committed to develop outsourcing solutions that will further reinforce our leading position in global supply chain management."

Li & Fung Limited


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