China Jinmao sells RMB 2 billion 3.7% bonds after greenshoe exercise

By Susanna Moon

Chicago, June 16 – China Jinmao Holdings Group Ltd. said wholly owned subsidiary Jinmao Investment Management (Shanghai) Co., Ltd. issued RMB 2 billion of 3.7% bonds in the first tranche on Thursday.

The total deal size reflects the full exercise of the over-allotment option by underwriters, according to the notice.

As announced June 13, the company had planned to issue a first tranche of domestic renewable corporate bonds with an initial size of RMB 1 billion with a greenshoe for up to another RMB 1 billion.

Every three years, the bonds may be re-priced or extended, according to a previous announcement.

In April the company announced plans to issue up to RMB 5 billion of renewable bonds in multiple tranches and named Goldman Sachs Gao Hua Securities Co. Ltd., Guotai Junan Securities Co., Ltd. and China Securities Co., Ltd. as co-lead underwriters.

The bonds will be guaranteed by China Jinmao, as previously noted.

Proceeds will be used to replenish general working capital.

China Jinmao is a Hong Kong-based investment holding company that invests in and develops real estate in mainland China. Jinmao Investment was formerly known as Franshion Properties Investment Management (Shanghai) Co., Ltd.

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