Power Construction of China unit to redeem $300 million perpetuals

By Mary-Katherine Stinson

Lexington, Ky., Feb. 9 – Power Construction Corp. of China subsidiary Dianjian International Finance Ltd. issued a redemption notice for all $300 million outstanding senior guaranteed perpetual securities, according to an announcement on Thursday.

The guaranteed perpetuals, issued June 5, 2017 under the companies’ $2.5 billion medium-term note and senior perpetual securities program, will be redeemed on the first call date of March 13.

The securities will be redeemed at their principal amount plus any distribution accrued to the first call date, including any arrears of distribution and any additional distribution amount.

Upon redemption of all the outstanding securities, there will be none left in the issue.

The securities will be canceled and delisted after redemption.

Power Construction is a Beijing-based contracting, investment and real estate development company.

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