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Bond Market News
Fosun Launches Tender Offer; Redsun, Logan Buyback Bonds
October 12, 2021
Fosun International launched a tender offer on two of its USD and EUR denominated bonds with a face value cap of $258mn equivalent. It is offering to buy up to $200mn worth of its $813.627mn 5.25% bonds due March 2022 for $100.75 per $100 in principal plus accrued interest. It is also offering to buy up to €50mn ($58mn) of its €400mn 4.35% bonds due May 2023 at par plus accrued interest. The offer will be funded by its working capital and ends on October 21. The USD and EUR bonds are currently trading at 99.39 and 98.75 respectively.
In related news from China real estate, Redsun and Logan have announced buybacks of small quantities of their respective dollar bonds. Redsun bought back $5mn in principal of its 13% bonds due October 30, following a $3mn buyback late last week. The bonds currently trade at 98.65. Logan announced that it has bought back $10mn in principal of its 5.75% bonds due 2022, which are currently trading at 92.71.
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