Fosun International (HKG:0656) may see a modest bump in its liquidity following a retap of its $200 million 2028 notes and a subsequent tender offer, S&P Global Ratings said in a Thursday release.
The move will extend the China-based investment holding company's debt maturity profile and limit its outstanding bonds due this year to short-term papers, easing liquidity pressure in the next quarters, S&P said.
This effort, along with better offshore refinancing conditions, will allow the company flexibility to consolidate its investment portfolio, the rating agency said.
S&P expects the company to keep its strong banking ties and successfully roll over most of its bank loans.
The company will also recycle assets further and cut debt over the next 12 to 18 months, according to S&P.
The rating agency forecasts a decline in the company's adjusted net debt to 75 billion yuan in 2024, with the drop in debt continuing in 2025.
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