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Genertec Universal unit plans up to RMB 500 million renewable bonds
By William Gullotti
Buffalo, N.Y., Sept. 5 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., plans to issue up to RMB 500 million of third-tranche renewable corporate bonds (Lianhe: AAA) at par of RMB 100, according to a company announcement on Tuesday.
The company previously received regulatory approval to issue up to RMB 2 billion of the bonds within 24 months. Of that total, RMB 620 million has been issued.
The bonds will have a base term of one year.
At the end of the initial year, the company will be entitled to extend the bonds for another base term. The bonds will have a fixed coupon for the first term, and the coupon for each subsequent term will be adjusted to a benchmark rate plus the initial interest rate spread plus an additional 300 basis points.
Tianfeng Securities Co., Ltd. and Orient Securities Investment Banking Co., Ltd. are the joint lead underwriters.
Proceeds will be used to supplementary operating funds.
The bonds are expected to be issued off-line to qualified investors from Sept. 5 and listed on the Shanghai Exchange, marking the issuer’s eighth overall offering for 2023.
The health care company is based in Hong Kong.
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