By Marisa Wong
Morgantown, W.Va., Nov. 4 – Future Land Development Holdings Ltd. said it issued RMB 3 billion of 4˝% five-year bonds at par on Wednesday.
The issue size was expected to be RMB 2 billion with an over-allotment option for RMB 1 billion.
As previously reported, the company set an indicative coupon range of 3˝% to 5% for the bonds, which were issued through wholly owned subsidiary Future Land Holdings Co., Ltd.
Citic Securities Co., Ltd. is the lead underwriter, and Morgan Stanley Huaxin Securities Co., Ltd. and China Securities Co., Ltd. are the joint lead underwriters.
The bonds will be putable at the end of the third year, at which time the issuer may choose to adjust the coupon.
Proceeds will be used to adjust the company’s debt structure and to replenish cash.
Future Land is a Hong Kong-based real estate operator and developer.
| Issuer: | Future Land Holdings Co., Ltd.
|
| Issue: | Domestic corporate bonds, first tranche
|
| Amount: | RMB 3 billion
|
| Maturity: | Five years
|
| Underwriters: | Citic Securities Co., Ltd. (lead), Morgan Stanley Huaxin Securities Co., Ltd. and China Securities Co., Ltd. (joint lead)
|
| Coupon: | 4˝%
|
| Price: | Par
|
| Yield: | 4˝%
|
| Settlement date: | Nov. 4
|
| Price talk: | 3˝%-5%
|
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