LONDON, June 28, 2023 (GLOBE NEWSWIRE) -- H&H Group has announced the successful completion of the issuance of a new 3-year bond amounting to US$200,000,000. This is an important milestone for the Group's liability management exercise to refinance its outstanding bond which will mature in October 2024. This achievement enables the Group to maintain a stable and sustainable capital structure, alongside preserving the Group's liquidity for operational and business development purposes.
Jason Wang, H&H Group Chief Financial Officer, says this accomplishment showcases the Group's resilience in raising capital, particularly during challenging market conditions and persistent external headwinds.
"We are extremely pleased with the successful conclusion of this debt refinancing, as it propels us towards a solid path of reducing debt levels and effectively managing risk on our balance sheet, ultimately strengthening our financial position."
The Group also successfully broadened and diversified its investor base from this new bond issuance, including new investors from the Middle East, Asia and Europe - in line with the business footprint expansion in those regions.
In addition, the Group successfully raised RMB500 million through a long-term loan agreement with China Construction Bank Corporation Guangzhou Development District Branch (CCB). The loan, provided to H&H China, a wholly-owned subsidiary of H&H Group, will be used to further enhance the Group's liquidity position and diversify the Group's sources of capital.
"This refinancing is a testament to our steadfast dedication in fulfilling our commitments and implementing strong strategies for the remainder of 2023 and beyond. Our primary focus continues to be on fostering growth, expanding our global presence, maximising synergies across our three business segments and deleveraging the balance sheet."
Akash Bedi, H&H Group Interim Chief Executive Officer and Chief Strategy & Operations Officer, adds, "This is an exciting achievement for the Group and a demonstration of our successful business model across our three segments, our leading brand positions across multiple markets, and our strong ability in executing successful business strategies. This refinancing will enable more financial flexibility to successfully deliver on our strategic objectives, to provide the best for our consumers, customers and our shareholders. We remain on track this year to achieve growth in our core markets of China, Australia and North America and continue to diversify our Pet Nutrition & Care (PNC) segment as we capitalise on growing pet nutrition industry trends."
