Masan Group Corporation on Tuesday (November 29) announced the successful full disbursement of its US$600 million syndicated loan (transaction), an underwritten transaction that was oversubscribed by 37 international lenders.
The largest ever five year offshore syndicated loan in Viet Nam's private sector was arranged by BNP Paribas, Credit Suisse, HSBC, and Standard Chartered Bank.
The interest rate is 6.7 per cent or 2.9 per cent above the US dollar Secured Overnight Financing Rate.
Though the interest rate is 0.35 percentage points less than on a $200 million syndicated loan completed in 2020, the increase in US dollar borrowing has introduced greater foreign exchange risk.
The company said it would actively monitor and assess the right time for start hedging foreign exchange to mitigate the risks.
The improved credit terms and overall strong access to capital reflect the improving business fundamentals in Masan's core consumer and retail businesses, including expansion of the retail network.
The new loan will not significantly affect the debt ratio.
It has not only fully serviced its 2022 debts of VND6.9 trillion ($277.7 million) but also made early payment of VND6.7 trillion ($269.7 million) of debt owed next year. — VNS
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