China’s Maoye Shangsha to offer up to RMB 2.8 billion bonds on Jan. 5

By Marisa Wong

Morgantown, W.Va., Dec. 31 – Maoye International Holdings Ltd. announced that its wholly owned subsidiary, Shenzhen Maoye Trade Building Co. Ltd. (Maoye Shangsha), will offer up to RMB 1 billion of bonds on Jan. 5.

There will be an over-allotment option for up to an additional RMB 1.8 billion of bonds, according to a company announcement.

The company will offer three-year and five-year bonds.

The company previously announced plans to issue up to RMB 2.8 billion of bonds in one or more tranches with maturities of no more than six years.

BOC International will be the underwriter, as previously announced.

The interest rate will be determined through a book-building process.

Proceeds will be used for general working capital and to repay debt.

Dagong Global Credit Rating Co. Ltd. has assigned an AA rating to the bonds.

Maoye is a department store based in Shenzhen, China.

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