By Angela McDaniels
Tacoma, Wash., Aug. 3 – Country Garden Holdings Co. Ltd. said it issued RMB 1 billion of five-year domestic corporate bonds with a 4.6% initial coupon in a non-public offering.
This is the company’s third tranche of domestic corporate bonds in 2016.
China Securities Co., Ltd. and Guotai Junan Securities Co., Ltd. are the joint lead managers.
At the end of the third year, the company can adjust the coupon rate and investors can exercise a put option.
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.
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| Issue: | Domestic corporate bonds
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| Amount: | RMB 1 billion
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| Tenor: | Five years
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| Coupon: | 4.6% for three years, then adjustable
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| Put option: | At end of third year
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| Lead managers: | China Securities Co., Ltd. and Guotai Junan Securities Co., Ltd.
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| Settlement date: | Aug. 2
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