South-east Asian ride-hailing giant Grab Holdings said yesterday that it has closed a US$2 billion (S$2.7 billion) loan facility, up from the original US$750 million.
The term loan was upsized after strong interest from investors, Grab said, adding that the interest margin rate was lowered by 100 basis points from the original launch guidance. Structured as a five-year term loan B, this makes it the largest term loan B facility in the Asian technology sector. The loan would be used to finance corporate activities and diversify its financing resources.
THE BUSINESS TIMES
British online fashion group Asos has bought brands including Topshop from collapsed retail giant Arcadia, administrators said yesterday, under a deal which could put 2,500 jobs at risk.
Administrator Deloitte said that Asos has sealed the purchase of key brands Topshop, Topman, Miss Selfridge and HIIT for £330 million (S$603 million). However, the deal will not include retail stores and therefore casts a shadow over the future of 2,500 jobs, according to a source. About 300 employees across design, buying and retail partnerships will transfer to Asos, Deloitte added.
China’s HNA Group is set to be restructured over its failure to repay debt, further cementing the decline of the once high-flying conglomerate that was seized by the state almost a year ago.
HNA’s creditors applied for the group to be reorganised, the company said in a statement posted on its website. HNA intends to cooperate with the court and to “actively promote” the disposal of its debt pile, which at one point was among the largest in the world. Regulators in China have approved a restructuring plan for the group, say sources.