Ronshine China unit talks RMB 500 million three-year bonds at 6˝%-7.9%

By Marisa Wong

Morgantown, W.Va., March 18 – Ronshine China Holdings Ltd. said wholly owned subsidiary Rongxin (Fujian) Investment Co. Ltd. is proposing to offer RMB 500 million of three-year bonds with an up to RMB 2 billion over-allotment option, according to a company announcement.

The coupon rate is expected to be 6˝% to 7.9%. The exact rate will be determined through a bookbuilding process.

At the end of the second year, the coupon may be adjusted, and investors will have a put option.

This will be the subsidiary’s first tranche of corporate bonds. In November the company received approval to issue a total of up to RMB 5 billion of private corporate bonds.

Proceeds from the first tranche will be used to refinance existing debt.

Ronshine is a property developer based in Fuzhou, China.

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