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%