NEW YORK — Global consumer goods exporter Li & Fung Limited said Thursday that it will sell $500 million worth of bonds.
The Hong Kong-based firm said the 10-year notes, with a total face value of $500 million, will have a fixed coupon rate of 5.5 percent a year. The notes will be due in 2017. The company did not say when the notes will be available for sale.
Li & Fung said it will apply the net proceeds from the sale toward business development, acquisitions and refinancing its existing indebtedness. Citigroup Global Markets Limited and The Hong Kong and Shanghai Banking Corporation Limited acted as joint book runners and joint lead managers, the company said.
"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," said William K. Fung, group managing director of Li & Fung Limited, in a statement.
Ratings agency Moody's assigned a rating of "A3" (stable) to the notes, while Standard and Poor's rating was set at "A-" (stable). The notes will be listed on the Singapore Exchange Securities Trading Limited.
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