By Marisa Wong
Madison, Wis., Sept. 12 – Far East Horizon Ltd. announced that its wholly owned subsidiary, International Far Eastern Leasing Co., Ltd., issued RMB 1.5 billion of 5.6% five-year notes on Thursday.
Far East Horizon announced on Aug. 22 that Fart Eastern Leasing registered to issue RMB 3 billion of medium-term notes. The subsidiary planned to issue notes in tranches within two years.
As previously noted, China Development Bank Corp. and Industrial and Commercial Bank of China Ltd. are the joint lead underwriters, and China Development Bank is the bookrunner.
Proceeds will be used to provide supplemental funding for the company’s working capital and to repay bank loans.
Far East Horizon is a financial leasing unit of Sinochem Group, which is a Hong Kong-based business conglomerate with interests in agriculture, energy, chemicals, real estate and finance.
| Issuer: | International Far Eastern Leasing Co., Ltd.
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| Issue: | Medium-term notes
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| Amount: | RMB 1.5 billion
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| Maturity: | Five years
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| Coupon: | 5.6%
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| Underwriters: | China Development Bank Corp. and Industrial and Commercial Bank of China Ltd.
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| Settlement date: | Sept. 11
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