By Marisa Wong
Morgantown, W.Va., Sept. 1 – Sunac China Holdings Ltd. announced that wholly owned subsidiary Tianjing Sunac Zhidi Co., Ltd. fixed the coupon rate for its RMB 1 billion second-tranche bonds at 4.48%.
The coupon was expected to be in the range of 3.8% to 4.8%. The final rate was determined through a book-building process.
The non-guaranteed bonds will have a term of five years and include an option to increase the coupon rate after the end of the third year as well as a put option.
Shenwan Hongyuan Securities Underwriting Sponsor Co., Ltd. will act as lead underwriter, and China Securities Co., Ltd. will act as joint underwriter for the issuance.
The bonds were expected to be issued on Tuesday.
As previously announced, the China Securities Regulatory Commission approved Sunac’s proposed issuance of up to RMB 6 billion of domestic corporate bonds earlier in August.
The company recently issued RMB 5 billion of first tranche bonds, as reported.
Sunac is a Tianjin, China-based residential and commercial property developer.
| Issuer: | Tianjing Sunac Zhidi Co., Ltd.
|
| Issue: | Non-guaranteed bonds, second tranche
|
| Amount: | RMB 1 billion
|
| Maturity: | Five years
|
| Underwriters: | Shenwan Hongyuan Securities Underwriting Sponsor Co., Ltd. (lead), China Securities Co., Ltd. (joint)
|
| Coupon: | 4.48%, may be increased after three years
|
| Put option: | After three years
|
| Price talk: | 3.8%-4.8%
|
| Announcement date: | Aug. 31
|
| Settlement date: | Sept. 1
|
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