Monday , April 22 2024

Masan Group secures $650M loan from foreign lenders

Retail giant Masan Group has secured $650 million in a syndicated loan from a group of lenders to fund future operations.

The loan was provided by BNP Paribas, Credit Suisse, HSBC, Standard Chartered Bank, and the United Overseas Bank, in which $375 million have been committed , Masan said in a statement Friday.

The loan has a five-year tenor with an annual interest rate of 8%.

Including another $600 million loan that was secured at the end of November, the company could potentially get $1.25 billion in new financing within over three months.

On Thursday, the company repaid VND3 trillion ($126.67 million) in bonds issued in 2020.

Prior to the drawdown of the 2023 syndicated loan transaction, Masan had nearly VND17.15 trillion of cash and cash equivalents (including investments), which enabled it to settle all upcoming debt obligations and investments.

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