By William Gullotti
Buffalo, N.Y., April 26 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., completed an issue of RMB 600 million 3˝% corporate bonds (Chengxin: AAA) at par of RMB 100, according to an announcement on Wednesday.
As previously reported, the bonds have a base term of four years. At the end of the second and third years, the company will be entitled to adjust the coupon rate as well as exercise its repurchase option. Bondholders will likewise be able to exercise put rights on those dates.
The issuance marks the company’s first corporate bond issue of 2023 and fourth overall offering of the year.
The company previously received regulatory approval to issue up to RMB 8 billion of the bonds in installments within 24 months. Of that total, RMB 6.6 billion has now been issued.
The bonds will be listed on the Shanghai Exchange.
The health care company is based in Hong Kong.
| Issuer: | China Universal Leasing Co., Ltd.
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| Amount: | RMB 600 million
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| Issue: | Tier 1 corporate bonds, 2023 first tranche
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| Tenor: | Four years
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| Coupon: | 3˝%, adjustable after two and three years
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| Price: | Par of RMB 100
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| Yield: | 3˝%
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| Call features: | After two and three years
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| Puts: | After two and three years
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| Settlement date: | April 26
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