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November 29, 2022

Masan Group Successfully Draws Down USD600 Million from the International Bank Market, Strengthening its Balance Sheet in a Challenging Capital Raising Environment

Ho Chi Minh City, 29 November 2022 – Masan Group Corporation (HOSE: MSN, “Masan” or the “Company”, today announced the successful full disbursement of its USD600 million syndicated loan (the “Transaction”), an underwritten transaction which was oversubscribed by 37 international lenders. The Transaction was arranged by BNP Paribas, Credit Suisse, HSBC and Standard Chartered Bank. Transactions highlights include:

  • The USD600 million Transaction is the largest ever 5 year offshore syndicated loan in Vietnam’s private corporate sector. 

    • The loan is priced at 2.9% over the U.S Dollar Secured Overnight Financing Rate (“SOFR”), or approximately 6.7% per annum, with margin over the reference rate improving by 35 basis points compared to the USD200 million syndicated loan completed in 2020. This improvement is considerable given that the recent Transaction is for a 5-year loan versus a the 3-year tenor of 2020 loan, which was completed during a lower interest rate environment.

    • While less expensive, the increase in U.S. Dollar borrowing has introduced greater foreign exchange risk. As per internal policy, the Company will actively monitor and assess the right time for entering into hedging transactions to mitigate market risks while maintaining optimal cost of capital.

  • Improved credit terms and overall strong access to capital reflect improving business fundamentals in Masan’s core consumer and retail businesses. 

    • Since the establishment of The CrownX (“TCX”) at the end of 2019, Masan’s integrated consumer-retail platform that consolidates WinCommerce (“WCM”) and Masan Consumer Holding (“MCH”), the Company has been able to materially improve TCX’ cash flow generation. 

    • TCX’s EBITDA in 2022 is expected to grow by 3x versus 2019 (assuming full year consolidation of both WCM and MCH) with EBITDA margin improving to 13.4% from 5.5% during the same period, mainly driven by the turnaround of the retail business under Masan’s stewardship. WCM’s EBITDA margin is expected to improve by approximately 11% in 2022 compared to 2019.  

  • Stronger business performance and expansion of retail network profitably have been recognized by other debt providers and international partners. 

    • The recent issuance of VND1,700 billion bonds with tenor 5 years in November 2022, subscribed by well-known multinational investors managing high-AUM bond funds in Vietnam, and

    • VND2,500 billion in other domestic bonds issued in 2022. The tenor of all of the bonds issued in 2022 are 5 years, longer than the typical 3-year tenor of similar corporate bonds in the market, helping to lengthen the company’s debt schedule. 

  • The Company maintains a sustainable leverage ratio and liquidity position given its ability to attract both international and local investors.

    • The new debts will not significantly affect the leverage ratio of the company while increasing the liquidity significantly thanks to higher duration and improved operating performance.

    • Up to November 2022, the company has not only fully repaid all of 2022 debt services of VND6,915 billion but also early repaid VND6,660 billion of debt maturing in 2023. 


Masan Group Corporation (“Masan” or the “Company”) believes in doing well by doing good. The Company’s mission is to provide better products and services to the 100 million people of Vietnam, so that they can pay less for their daily essentials. Masan aims to achieve this by driving productivity with technological innovations, trusted brands, and focusing on fewer but bigger opportunities that impact the most lives.

Masan Group’s member companies and associates are industry leaders in branded fast moving consumer goods, branded meat, modern retail, F&B retail, financial services, telecommunications, and value-add chemical processing, altogether representing segments of Vietnam’s economy that are experiencing the most transformational growth.



Phu Duong

T: +84 28 6256 3862 

E: [email protected]


Van Pham

T: +84 28 6256 3862 

E: [email protected] 

This press release contains forward-looking statements regarding Masan’s expectations, intentions or strategies that may involve risks and uncertainties. These forward-looking statements, including Masan’s expectations, involve known and unknown risks, uncertainties, and other factors, some of which are beyond Masan’s control, which may cause Masan’s actual results of operations, financial condition, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. You should not rely upon forward-looking statements as predictions, future events or promises of future performance.

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