HCM CITY — US financial investment firm Goldman Sachs has signed contracts worth US$55 million this week to buy convertible bonds from two HCM City Stock Exchange-listed companies, the HCM City Infrastructure Investment Company (CII) and Masan Group (MSN).
In the contract with CII concluded on Thursday, Goldman Sachs Investment Partners, managed by Goldman Sachs Assets Management Company under the Goldman Sachs Group, will buy $25 million in convertible bonds, which have a term of five years and an annual coupon of 4 per cent.
Holders will be able to convert their bonds into CII shares from the second year at the price of VND43,500 ($2.16). They can also ask the company to buy back their bonds from the third year onwards.
CII is looking to attract a further $15 million from Goldman Sachs after obtaining its shareholders' agreement.
On Wednesday, the Masan Group signed a five-year convertible loan of $30 million with Goldman Sachs.
The loan will have a semi-annual coupon payment of 2 per cent for the first two years with a step up to 4 per cent in the third year and 6 per cent for the remaining two years. The loan can be converted into primary shares of Masan at VND65,000 per share converted into US dollars at the exchange rate at the time of the transaction.
This year, the group has raised around $120 million from investors including Goldman Sachs, Orchid Fund Pte Ltd – a wholly owned subsidiary of R.F. Chandler, and the International Finance Corporation, the private sector funding arm of the World Bank, for its business development.
Masan Group is one of Viet Nam's largest private sector companies focused on building market-leading businesses including Techcombank and Massan Food.
It has recently acquired a world-class tungsten mining asset, the Nui Phao Project in northern Thai Nguyen Province.Source: vnagency.com.vn
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