SINGAPORE, July 11 (Reuters) - Lenovo Group Ltd,the world's top PC vendor, has no plans to issue bonds in thenear term due to global market volatility and has sufficientcash in hand, its chief financial officer said.
Lenovo, which has been acquiring companies over the past fewyears to consolidate its market position, conducted roadshows inHong Kong, Singapore and London in June, prompting expectationsit would soon tap the market for its firstU.S-dollar-denominated note issue.
"The debt market was actually in a turmoil probably a coupleof weeks ago," CFO Wong Wai Ming told Reuters in a telephoneinterview.
"So we are still observing the market, so when the marketbecomes stable, then we will decide on how to deal with thisproposed bond issue. Obviously we are not in desperate need ofcash in the short term."
The company is cash-rich, with free cash flow around $1.6billion at the end of 2012, but it would still need to raisefunds for any large acquisition.
Lenovo has hired Credit Suisse and Goldman Sachs as the joint global coordinators for the issue, ThomsonReuters publication IFR said.
IFR added that joint lead managers and bookrunners includedBNP Paribas, BOC International, HSBC , Mizuho Securities, The Royal Bank ofScotland and Standard Chartered.
HSBC Holdings (HSBA)
Standard Chartered (STAN)