Published on 10/19/2020 in the Prospect News Emerging Markets Daily.
New Issue: Fosun’s Fortune Star sells $400 million of 5.95% five-year notes
By Cady Vishniac
Detroit, Oct. 19 – Fosun International Ltd. subsidiary Fortune Star (BVI) Ltd. issued $400 million of 5.95% senior notes due 2025 (//BB), according to a notice on Monday.
Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Hong Kong Branch, Commerzbank AG, Fosun Hani Securities Ltd., Hongkong and Shanghai Banking Corp. Ltd., Natixis, Standard Chartered Bank, BOCI Asia Ltd., China Citic Bank International Ltd. and CNCB (Hong Kong) Capital Ltd. are the lead managers and bookrunners.
Proceeds, according to Fitch Ratings, will be used for refinancing, working capital and other general purposes.
Shanghai-based Fosun is a conglomerate.
| Issuer: | Fortune Star (BVI) Ltd.
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| Guarantor: | Fosun International Ltd.
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| Issue: | Senior notes
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| Amount: | $400 million
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| Maturity: | 2025
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| Bookrunners: | Credit Suisse Hong Kong Ltd., Deutsche Bank AG, Hong Kong Branch, BOCI Asia Ltd., China Citic Bank International Ltd., Fosun Hani Securities Ltd., HSBC Ltd., Natixis and Standard Chartered Bank
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| Coupon: | 5.95%
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| Issue date: | Oct. 19
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| Listing date: | Oct. 20
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| Rating: | Fitch: BB
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