China’s Future Land plans RMB 2 billion of 7.9%-8.9% five-year bonds

By Susanna Moon

Chicago, July 21 – Future Land Development Holdings Ltd. said Jiangsu Future Land Co., Ltd., its majority-owned subsidiary, plans to issue RMB 2 billion principal amount of 7.9% to 8.9% five-year corporate bonds.

The notes are callable, and they are putable at the end of the third year.

The notes also contain options for the issuer to raise the coupon rate, according to a company notice.

Proceeds will be used to repay debt and to improve the financial structure and working capital of Jiangsu Future Land.

Citic Securities Co., Ltd. is the bookrunner.

The corporate credit rating of the issuer is AA, and the rating of the corporate bonds is AA, according to Zhongchengxin Securities Rating Ltd.

Future Land Development is a Hong Kong-based real estate operator and developer.

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