Cash-Crunched HNA Planned to Raise $100 Million in Bond Sale on the Tel Aviv Stock Exchange
The company was in the midst of preparing a prospectus with local underwriters before the plans were put on hold following recent media reports
China’s debt-laden conglomerate HNA Group Co. planned to raise $100 million through a bond sale on the Tel Aviv Stock Exchange, according to two people familiar with the matter. HNA was in the midst of preparing a prospectus with local underwriters before the plans were put on hold following recent media reports detailing the company’s financial woes, these people said in an interview with Calcalist on Tuesday speaking on conditions of anonymity.
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The regional airline turned global investment company has upped its reach in recent years. In 2017, it bought a stake of nearly 10% in Deutsche Bank and a 25% stake in Hilton Worldwide Holdings Inc. The multi-billion acquisitions were financed mostly with debt. Many of the company's more recent acquisitions have been used as loan collateral.