By Susanna Moon
Chicago, Dec. 30 – Country Garden Holdings Co. Ltd. said it issued RMB 1 billion of five-year domestic corporate bonds with an initial coupon of 4.99%.
The issue was the first tranche in the company’s plans to issue up to RMB 20 billion of bonds, as announced Dec. 3.
At the end of third year, the issuer can adjust the coupon rate, and investors can exercise retractable option, according to a company press release.
Proceeds will be used to refinance some of the group’s debt and for general working capital purposes.
Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.
| Issuer: | Country Garden Holdings Co. Ltd.
|
| Issue: | Domestic corporate bonds
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| Amount: | RMB 1 billion
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| Maturity: | Five years
|
| Coupon: | 4.99% for three years, then adjustable
|
| Settlement date: | Dec. 29
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