China’s Country Garden to offer RMB 3 billion 4.2% three-year bonds

By Marisa Wong

Morgantown, W.Va., Aug. 11 – Country Garden Holdings Co. Ltd. said it set the coupon for its previously proposed RMB 3 billion of domestic corporate bonds at 4.2%.

The planned bonds will have a term of three years, according to a company announcement on Tuesday.

Country Garden announced on Monday that it expects to issue the bonds in the third quarter of 2015.

GF Securities Co., Ltd., Essence Securities Co., Ltd. and Ping An Securities Co., Ltd. are the joint underwriters for the upcoming issuance.

This will be the company’s second tranche of domestic corporate bonds. The company previously proposed up to RMB 6 billion of bonds and issued the first tranche, RMB 3 billion of 4.2% three-year bonds, earlier this month.

The bonds will be issued through wholly owned subsidiary Zengcheng Country Garden Property Development Co. Ltd.

Proceeds will be used for refinancing existing debt and for general working capital purposes.

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

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