By Susanna Moon
Chicago, June 14 - Kasen International Holdings Ltd. said its wholly owned subsidiary Haining Schinder Tanning Co. Ltd. plans to issue RMB 150 million of three-year corporate bonds.
Guotai Junan Securities Co., Ltd. is the underwriter.
The coupon will be fixed at 8.1% for the first two years and is subject to adjustment in the third year "at the discretion of Haining Schinder Tanning," according to a company notice.
The notes are putable at par at the end of the second year.
Proceeds will be used for investments in operating assets and to supplement general working capital.
The issue is guaranteed by the company, subsidiary Zhejiang Kasen Industrial Group Co., Ltd. and Zhu Zhangjin, the chairman, executive director and controlling shareholder of the company.
Pengyuan Credit Rating Co., Ltd. assigned the bonds a rating of AA- and the issuer a rating of BBB+.
Kasen is an investment holding company based in Jiaxing, China.
| Issuer: | Haining Schinder Tanning Co. Ltd.
|
| Guarantor: | Kasen International Holdings Ltd.
|
| Issue: | Corporate notes
|
| Amount: | RMB 150 million
|
| Maturity: | Three years
|
| Coupon: | 8.1%; subject to adjustment at issuer's discretion in year three
|
| Put option: | At par at end of second year
|
| Underwriter: | Guotai Junan Securities Co., Ltd.
|
| Pricing date: | June 14
|
| Rating: | Pengyuan: BBB+
|
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