Hong Kong-based sourcing giant Li & Fung Limited said Friday it is issuing $500 million of perpetual bonds to raise cash for business development and ongoing acquisitions drive.
The company said investors oversubscribed to the issue by over 10 times. The bonds, denominated in U.S. dollars, will have a distribution rate of 6 percent and they will trade on the Singapore stock exchange.
Citigroup and HSBC arranged the transaction, which placed the bonds with investors in Asia and Europe.
Bruce Rockowitz, group president and chief executive officer, told WWD in August that the company is looking to take advantage of economic turmoil and make acquistions in Europe.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styled by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
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