Vingroup secures loan from international market
(VOV) - Vingroup Joint Stock Company has announced that it has completed the negotiation and signing of an international syndicated loan agreement worth US$100 million.
Vingroup’s leaders said that the US$100 million loan will be disbursed in October with Libor interest rates of 5.5% per year and will be paid gradually for three years. The loan aims to develop Vingroup’s future real estate projects.
Credit Suisse AG (Singapore), Maybank Investment Bank Berhad and Deustche Bank AG (Singpaore) will arrange the loan.
With the loan, Vingroup will become the first property company in Vietnam to approach the international syndicated loan market successfully. Earlier, Vingroupwas the first Vietnamese business to issue the US$100 million international convertible bond in 2009.
Last year, Vingroup issued US$300 million convertible bonds. In May 2013, Vingroup and investment fund Warburg Pincusofficially signed an agreement under which Warburg Pincus will invest US$200 million to buy 20% of shares from Vincom Retail, a branch of Vingroup which aim to possess, manage and develop world class trade centres.