China’s Maoye unit plans RMB 900 million of bonds in first tranche

By Susanna Moon

Chicago, Aug. 9 – Maoye International Holdings Ltd. said wholly owned subsidiary Maoye Shangsha plans to issue RMB 900 million of bonds on Thursday in the first tranche.

Maoye has registered to sell up to RMB 1.5 billion principal amount of notes within two years of July 22, according to a company announcement.

Proceeds will be used for general working capital.

China Minsheng Banking is the principal underwriter and bookrunner.

China Cheng Xin International Credit Rating Co. Ltd. has given an AA rating/stable for the first tranche of the notes.

Maoye Shangsha will decide when to issue the remaining RMB 600 million principal amount of the notes, the release noted.

Maoye is a department store based in Shenzhen, China.

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