Comment / On the wires: Li & Fung – the rise and fall of the gods

“Li & Fung Limited (…) announced the successful completion of a simultaneous bond tender offer and new bond offering. The simultaneous measures allow the company to reduce its interest expense and further optimise its capital structure by extending its debt maturing profile. The new issuance is for a US$400 million five-year medium-term notes at a 4.375% interest rate.” Li & Fung, 8 October 2019. 

The group may sound upbeat (again) but its latest refinancing is just the first necessary step on ...