GC
Lenovo ditches loan after $1.5bn bond success
Technology company Lenovo Group, which approached banks earlier this year for a $1bn loan to support its acquisition strategy, has cancelled its plans after pulling off a blockbuster bond debut at the end of April.
The Hong Kong-listed company was seeking a $1bn loan to fund some of its latest acquisitions — a 100% stake in Motorola Mobility, and some of IBM’s assets related to its X86 server hardware and maintenance service businesses. Both purchases were announced in late January.
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