China’s Gome Electrical Appliances Holdings completed its first-ever US dollar-denominated bond offering last Friday, as the Hong Kong-listed retailer seeks to diversify its funding channel.
The company, rated BB by SP, was founded by shamed billionaire Huang Guangyu, who was handed a 14-year jail sentence for bribery, insider trading and illegal business dealings. Huang, a high-school dropout who became China’s richest man, retains a sizeable stake in the company.
Gome issued a profit warning on Febuary 22, telling investors it expected its 2016 profit to be down by between 65% and 75% compared to the previous year's figures. This is in part due to...
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