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Bond Market News
Fosun Announces Result of Tender Offer
July 6, 2022
Fosun International announced the results of its tender offer by accepting to buy back all bonds tendered. The bonds bought back represent 76.7% of its $379.8mn 5.5% 2023s and 1.09% of its €384.2mn 2022s. In nominal terms, $291.3mn in principal amount of the 2023s and €4.2mn in principal amount of the 2022s were tendered. After having initially capped the offer, its dollar bonds dropped over 15% post which Fosun removed the cap as a signal of market confidence. For the 2023s, Fosun will pay $1,000 and $22 in accrued interest per $1,000 in principal. For the 2022s, it will pay €1,000 and €24.80 of accrued interest per €1,000 principal.
Fosun’s 5.5% 2023s are trading at 99.1 cents on the dollar, yielding 6.38%
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