By Marisa Wong
Morgantown, W.Va., March 21 – China’s Jingrui Holdings Ltd. announced it issued RMB 1.5 billion of five-year bonds on Monday.
The bonds were priced at par with a coupon of 5.88%.
At the end of the third year, the issuer will be entitled to adjust the interest rate and investors will be able to sell back the bonds.
Last month, the company announced plans to issue up to RMB 1.7 billion of domestic corporate bonds in stages.
Guotai Junan Securities (Hong Kong) Ltd. is the lead underwriter, as previously noted.
The bonds were issued through wholly owned subsidiary Jingrui Properties (Group) Co. Ltd.
Proceeds will be used to refinance existing debt, according to the prior announcement.
Jingrui is a Shanghai-based property developer.
| Issuer: | Jingrui Properties (Group) Co. Ltd.
|
| Issue: | Domestic bonds, first tranche
|
| Amount: | RMB 1.5 billion
|
| Maturity: | Five years
|
| Underwriter: | Guotai Junan Securities (Hong Kong) Ltd.
|
| Coupon: | 5.88%, may be adjusted after three years
|
| Price: | Par
|
| Yield: | 5.88%
|
| Put option: | At end of third year
|
| Settlement date: | March 21
|
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