SINGAPORE, July 11 Lenovo Group Ltd,
the world's top PC vendor, has no plans to issue bonds in the
near term due to global market volatility and has sufficient
cash in hand, its chief financial officer said.
Lenovo, which has been acquiring companies over the past few
years to consolidate its market position, conducted roadshows in
Hong Kong, Singapore and London in June, prompting expectations
it would soon tap the market for its first
U.S-dollar-denominated note issue.
"The debt market was actually in a turmoil probably a couple
of weeks ago," CFO Wong Wai Ming told Reuters in a telephone
"So we are still observing the market, so when the market
becomes stable, then we will decide on how to deal with this
proposed bond issue. Obviously we are not in desperate need of
cash in the short term."
The company is cash-rich, with free cash flow around $1.6
billion at the end of 2012, but it would still need to raise
funds for any large acquisition.
Lenovo has hired Credit Suisse and Goldman Sachs
as the joint global coordinators for the issue, Thomson
Reuters publication IFR said.
IFR added that joint lead managers and bookrunners included
BNP Paribas, BOC International, HSBC
, Mizuho Securities, The Royal Bank of
Scotland and Standard Chartered.