By William Gullotti
Buffalo, N.Y., April 22 – China Universal Leasing Co., Ltd., a wholly owned subsidiary of Genertec Universal Medical Group Co. Ltd., completed an issue of RMB 500 million of 2.99% renewable corporate bonds (Lianhe: AAA), according to an announcement on Monday.
The basic term of the bonds will be three years, after which the issuer will have the option to repay the bonds or reprice and extend them for another three years.
As previously reported, the reset coupon will be based on the benchmark rate plus 300 basis points plus the initial spread.
China Great Wall Securities Co., Ltd., Tianfeng Securities Co., Ltd. and Everbright Securities Co. Ltd. are the joint lead underwriters.
The notes were priced at par of RMB 100 and will be listed on the Shanghai Stock Exchange.
Proceeds will be used as supplementary operating funds.
Dubbed the first tranche of renewable corporate bonds in 2024, the offering marks the issuer’s fourth bond offering for the year.
The health care company is based in Hong Kong.
| Issuer: | China Universal Leasing Co., Ltd.
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| Amount: | RMB 500 million
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| Issue: | Renewable corporate bonds, first tranche
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| Tenor: | Three years, with option to extend in three-year increments
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| Coupon: | 2.99%, adjustable every three years to benchmark rate plus initial spread plus 300 basis points
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| Price: | Par of RMB 100
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| Yield: | 2.99%
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| Call feature: | Every three years
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| Settlement date: | April 22
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| Rating: | Lianhe: AAA
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