China’s Jiangsu Springland to offer RMB 300 million three-year notes

By Marisa Wong

Morgantown, W.Va., March 18 – Springland International Holdings Ltd. said its wholly owned subsidiary, Jiangsu Springland International Holdings (Group) Ltd., is planning up to RMB 2 billion of medium-term notes.

Jiangsu Springland plans to offer an initial tranche of RMB 300 million of three-year notes, according to a company announcement.

China Merchants Bank Co., Ltd. will be the lead underwriter and bookrunner, with Industrial and Commercial Bank of China Ltd. as the joint lead underwriter.

Proceeds from the first tranche will be used for general working capital.

After the first tranche, the company may issue further tranches within a period of two years. The company obtained approval from China’s National Association of Financial Market Institutional Investors on March 3 for the up to RMB 2 billion of MTNs.

Springland is a Hong Kong-based operator of department stores and supermarkets in the Yangtze River delta region of China.

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