The group says this is the largest international corporate borrowing of six-year tenor, for a Vietnamese private enterprise
[HO CHI MINH CITY] Vietnam’s Masan Group secured a US$750 million senior unsecured syndicated loan from 15 international banks, obtaining a six-year tenor facility priced at a margin of 1.8 percentage points over its benchmark rate.
The consumer-retail conglomerate said on Monday (Jun 8) that the facility was unprecedented among Vietnamese privately owned enterprises in both size and pricing for loans of comparable maturity.
The Singapore branch of HSBC, along with other undisclosed financiers, committed US$211.6 million to the facility to the group, a stock exchange filing indicated.
The remainder was provided separately by other international lenders – whose identities were also not disclosed – to Masan’s private equity and investment subsidiary, The Sherpa.
The financing comes as Masan continues to reduce leverage.
The group’s net debt-to-earnings before interest, taxes, depreciation and amortisation ratio improved to 2.84 times in Q1 2026 from a peak of 3.9 times at the end of 2023.
About US$490 million of the proceeds will be used to refinance existing debt, while the remaining US$260 million will provide additional financial flexibility.
Masan said the refinancing is expected to save around US$4.4 million in annual interest costs versus existing facility pricing.
Re-rated credit risk
Unlike Masan’s US$650 million secured offshore borrowing in 2023, which carried a 3.5 percentage-point spread and was backed by collateral, the new facility marks a transition to senior unsecured funding.
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“Our credit has re-rated – and our equity value will follow,” Masan Group’s CEO Danny Le said, referring to the 170-basis-point reduction in borrowing margin from the group’s previous syndicated financing.
Le said the improved terms reflected lenders’ confidence in cash flows generated by Masan’s consumer-retail ecosystem, including grocery retailer WinCommerce, F&B producers Masan Consumer and Masan MeatLife.
He also cited additional upside from tungsten mining and processing subsidiary Masan High-Tech Materials, which is seeking a listing on the Ho Chi Minh City Stock Exchange next year.
Masan Group and Masan Consumer are already listed on the bourse, with market capitalisations of about 104 trillion dong (S$5.1 billion) and 167 trillion dong, respectively, at market close on Jun 5.
The group reported net revenue of more than 24 trillion dong in the first quarter, up 27 per cent from a year earlier, while net profit more than doubled to over 1.97 trillion dong, its consolidated financial statements indicated.
For 2026, it has set a full-year revenue target of up to 98 trillion dong and net profit as high as 7.9 trillion, up 20 per cent and 17 per cent year on year.
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